KB Home executed three closings this week totaling over $10 million in Polk and Osceola counties, adding more than 250 lots to its inventory.
The largest project is in St. Cloud. KB Home paid $5.928 million on Monday for the 167-lot Deer Run Estates subdivision on Hickory Tree Road. FHC Development had acquired the land in 2017 and led the project through permitting approvals. President Frank Cawthon told GrowthSpotter he held onto the property, waiting for St. Cloud to extend utilities to the area.
“KB Home is great to work with,” Cawthon said. “When I can bring in a quality builder like that, it helps give me credibility the next time I go before the county commissioners.”
KB Orlando President Fred Wyborski said the lots are engineered, and the homebuilder is commencing development. “So in about eight months, we’ll have homes ready to sell,” he said.
He said KB will offer eight floorplans which are currently available at Gramercy Farms in St. Cloud. Pricing will start in the low $300,000s.
“In terms of our floorplans, we’re continuing to listen to our buyers, and post-COVID, many more people are having to work from home,” Wyborski said. “So we are offering options specifically within our studies and libraries to get built-in desks.”
KB targeted the location as a way to remain active in the South St. Cloud submarket. The project will come online about the same time the builder closes out Gramercy Farms. Wyborski said they also liked the location on Hickory Tree Road.
“You have easy access to the Florida’s Turnpike if you take Deer Run up to Canoe Creek, you can get to the turnpike very easily from that location,” he said. “And additionally, the ease of access to Narcoossee Road and even to get to Lake Nona and Medical City. So it gives you a lot of flexibility, and when you even consider the distance to Melbourne and the beaches, it’s really well-located.”
KB Home joins a host of local and national builders who have made the Hickory Tree Road one of the fastest-growing corridors in Osceola County. Those builders include D.R. Horton, Lennar Homes and Hanover Family Builders, who all have active communities on Alligator Lake.
The subdivision will be developed in two phases. It will have open space and a tot lot to satisfy the recreation requirements.
The two closings in Polk County took place in Lakeland and Auburndale.
KB purchased 59 lots in the recently opened Mattie Point community near Florida Polytechnic University for $2.95 million. Homes prices start at around $280,000.
“We had purchased the model lots prior to the plat being recorded, so we finished that,” Wyborski said. “The first takedown today of 59 lots in that community. There’s another 55 to go that because we’re selling so well they’ve commenced development on that second phase already.”
The homebuilder paid $1.23 million for 41 lots in the new Parkside community in Lakeland. The anticipated community opening date in January 2022.
“We continue to purchase, and we’re positive about the market today,” Wyborski said.
EDITOR’S NOTE: This article has been updated to include the full purchase price for Deer Run Estates, which included reimbursements for engineering costs and impact fees.