Pulte Homes is under contract for a 40-acre site just off Kissimmee’s W192 tourism corridor and plans to build a residential community there.
The site is located on Princess Way near the intersection of W192 and Old Vineland Road. It lies within Osceola County’s Short Term Rental Overlay and was previously approved as a vacation home resort, but Pulte officials told GrowthSpotter the plan is to build a primary residential project.
Pulte filed construction plans with South Florida Water Management District last week for a community called “Cypress Cay” consisting of 286 townhomes encircling two ponds.
Max Perlman, Pulte’s VP of Land Acquisition, said the amenities would include a pool and cabana, tot lot, walking trails and dog park.
The seller, Hank Sebeti, also recently won approval from Osceola County to amend the Planned Development that was originally designed in 2005. Sebeti said he planned to develop the resort community. But after the real estate bust he planted timber, secured an agricultural exemption and waited for the market to turn around.
“We really didn’t market it aggressively. We thought we’d wait until we found a good buyer,” he said.
Pulte expects to close during the second quarter of the year and deliver the first units in summer 2021.