Forestar Group, the land developer for D.R. Horton, has paid $10.67 million for nearly 500 lots in Osceola County’s Harmony master-planned community, signaling the builder will have a major presence there as the community builds out.
“It’s all of Phase 1, and they have Phase 2 under contract to close later,” said Richard Jerman, principal for Sun Terra Communities.
“It was a successful venture for us,” Jerman said.
He added that the pending deal with Forestar would leave Sun Terra with a few hundred lots in Harmony Lakes, an active adult community within Harmony, and one 40-acre site on U.S. 192 that’s entitled for commercial or multifamily development.
The seller previously told GrowthSpotter that D.R. Horton was under contract for 80 acres south of Jones Road. The transaction on Feb. 18 represented the first takedown. The project abuts the Center Lake Ranch property that was annexed into the City of St. Cloud and approved for 4,000 homes in 2019.
D.R. Horton has been active in the St. Cloud submarket for years. In addition to being the master developer of Kindred, the homebuilder is actively building in multiple new subdivisions, including Westerly on Nova Road and Canopy Walk just east of Narcoossee Road. On Feb. 17, D.R. Horton paid $2.24 million for a 28-lot takedown in its Barrington subdivision.
EDITOR’S NOTE: This article has been updated to include details of recent closings by Forestar Group.