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Orlando investor Daryl Carter paid $3.2 million for a 359-home subdivision just outside of St. Cloud.
Orlando investor Daryl Carter paid $3.2 million for a 359-home subdivision just outside of St. Cloud. (Poulos & Bennett)

An investment group led by Daryl Carter paid $3.2 million on Thursday for 98 acres just north of U.S. 192 between Kissimmee and St. Cloud.

The site already has an approved Planned Development with entitlements for 359 residential units. Carter, president of Maury L. Carter and Associates, amended the PD to increase the number of units and last week filed a Preliminary Subdivision Plan for the development.

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“We thought it was a good buy, and it was a good deal for the seller, too,” Carter told GrowthSpotter. “It was a good opportunity for us, and we can move it on through the permitting process and sell it to a builder.”

A land owner and prospective developer made some major revisions to the site plan to win approval for the project.

He’s working with Poulos & Bennett on the updated plan, which calls for a mix of 50-foot and 70-foot detached single family lots and 112 rear-loaded townhomes.

“I would say it’ll probably be another six months for us to get the permits,” he said. “You’ve already got the PD amendment. All that’s left now is the Preliminary Subdivision Plan, and that’s already been filed. As long as the PSP is fairly consistent with the PD, it should be fairly smooth sailing."

Carter said the location on Big Sky Boulevard is “practically an infill site” because of the new development taking on the E192 corridor. The community will be less than a half-mile from St. Cloud Commons, which was built in 2018, and close to Tohoqua and Amber Pointe. It’s also close to the Floridas Turnpike interchange and NeoCity.

Learn what Pulte has planned in this mixed-use community near Osceola's NeoCity.

“Everything is just filling in around it,” Carter said.

The price, just over $32,000 per acre, was comparable to the recent Edgewater sale, but that deal involved 1,400 acres.

“We got the same price, and we only had to buy 98 acres,” he said. “If you had that same 98 acres, east of Narcoosee Road (at Cyrils Drive) you wouldn’t be able to touch that land for under $100,000 an acre.”

The seller was an affiliate of Robert Murrell. The Murrell family was represented by Espe Almarza Anderson, an associate with Coldwell Banker Residential who had the listing for seven years.

Insight on how many decades this Winter Park-based investor has owned the land, and what factors are motivating it to develop now.

“This was a long journey for the seller and me,” she told GrowthSpotter. “When we first started on this, two-thirds of it was a rural enclave.”

The Murrells had to get a Comprehensive Plan Amendment to change the land use from Agricultural to Low Density Residential with PD zoning, plus they had to convince one of the neighboring homeowners to sell their property so the development would have a direct access to Big Sky Boulevard.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407)420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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