MI Homes paid $1.3 million last week for 26 acres in St. Cloud that the builder has led through permitting for a 105-lot subdivision.
The site on Pine Tree Drive, east of Canoe Creek Road, was originally planned to be Phase 4 of the Covington Estates subdivision. MI Homes has renamed the project Reserve at Pine Tree.
St. Cloud's City Council approved the preliminary subdivision plans in October, and staff approved construction plans in December. The neighborhood would be built in one phase.
The property was zoned for medium-density residential use, which allows for smaller lot sizes (50 feet wide) than the 62.5-foot minimum required in low-density residential areas.
Daniel Kaiser, vice president of land for MI Homes, told GrowthSpotter construction would start in March with models planned to start in late summer and sales in late fall.
The neighborhood will have an amenity center with pool and cabana, he added.
The neighborhood abuts an 18-acre school site that the original developer sold to Osceola County Schools in 2006, but the district has no plans to build a school there in the next five years.
MI currently has two active communities on St. Cloud's Narcoossee corridor, but this the first project to be built south of U.S. 192.
Kaiser said Reserve at Pine Tree would feature the same product offering at Narcoossee Del Sol, with prices starting in the low- to mid-$200,000s.
The community is just north of Whaley's Creek, where CalAtlantic Homes and Centex Homes are currently selling. Richmond American Homes and Hanover Family Builders are also active in the area, having just bought phase two of Pinewood Gardens on Old Canoe Creek Road.
Centex, a Pulte brand, is also seeking final plat approval for Eagle Meadows, a 91-lot subdivision just north of Whaley's Creek.
The St. Cloud City Council last week rejected a proposed 6-month moratorium on rezoning and comprehensive plan amendements for new residential communities.