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Osceola County Developments

Green Island Ranch initial development costs ring in at $253.7M

The Canoe Creek Neighborhoods would be developed starting in the northeast section and progressing in a counter-clockwise direction.

The scope and cost of building a mixed-use neighborhood on the former Green Island Ranch is coming into focus in new documents estimating the tab for the first 1,520 acres at over $253 million.

St. Cloud’s Gentry Land Company and Wheelock Street Capital bought the 6,000-acre ranch last December for $150 million and later filed a Concept Plan for the area east of Florida’s Turnpike. Those four sections, known as Canoe Creek Neighborhoods 1-4 would include 2,321 single-family homes, 622 multifamily homes, a K-8 school and 106,000 square feet of commercial space.

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Project Manager Matt Call with Wheelock Communities told GrowthSpotter the team from Heidt Design expects to work through staff comments and get the CP on a Development Review Committee agenda within the next 60-90 days. Meanwhile, Heidt has already submitted a Preliminary Subdivision Plan for Phase 1 and expects to submit the PSP for Phase 2 by next week.

“Staff allowed us to submit the PS and gave us one round of comments,” Call said. “OK, and then they said hey, let’s get the CP approved first before you resubmit that preliminary site plan.”

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The developer is also seeking approval to establish a community development district known as GIR East CDD to finance and manage the construction and site development.

Canoe Creek Neighborhood 3 will be the first phase of Green Island Ranch. The submitted Concept Plan calls for 770 detached single-family homes and 106 townhomes, along with a Neighborhood Center entitled for 21,000 square feet non-residential uses.

The petition for the CDD estimates the capital improvement costs for the Canoe Creek neighborhoods at $253.7 million. That includes $48.3 million for roads and $54.5 million for stormwater. The estimated cost for installing water and sewer service is over $42 million. Reclaimed water service would add another $16 million.

“We still think that sometime in the first quarter of next year is when we break ground,” Call said. “We’re looking at submitting our (Site Development Plan) in late August, early September. If we have approvals hopefully by the end of the year or in January, we can get started after that.”

Mike Liquori with Gentry Land said the initial cost estimates in the CDD document are preliminary and would be refined when project gets engineered.

“The final amount that actually gets funded by the CDD occurs later in the process when we get closer to writing the bonds,” Liquori said.

He said the estimate includes a new overpass at the Turnpike that will provide easy access to the rest of Green Island Ranch.

For the South/East Lake Toho area, the county has hired HNTB to collaborate with the developers who have active projects and use the same type of traffic modeling they used for Sunbridge so they can determine the future demands and necessary improvements.

The study is expected to be completed in August. County Manager Don Fisher has made it clear that each developer must sign an agreement to participate in the study and accept the consultants’ recommendations as a condition of approval for any preliminary subdivision plan in the mixed-use districts.

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Liquori said that report could have an impact on the estimate for roadways. “And that’s really a major issue that’s out there — not just for us, but for all the developers,” he said. “So I think there’ll be a lot of work on that issue over the next year. We see it as a positive thing so we’re eager to get it resolved.”

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


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