Hanover Family Builders just paid $2.1 million for the next two phases of a subdivision on the former St. Cloud Airfield property and will build for-sale homes alongside the county’s first purpose-built rental community.
“We have 80 townhomes and 53 single family home lots,” Hanover Vice President Matt Orosz said. “We’re starting development in April and we hope to go vertical by January.”
The acquisition represents Phase 2 and 3 of the project now known as Sky Lakes, on the former St. Cloud Airfield property on Michigan Avenue, just south of St. Cloud High School. Last October California-based American Homes 4 Rent paid $5.77 million for Phase 1 of the project, which comprises 222 single family homesites.
The future phases had previously been under contract to Orlando developer Kal Hussein and Highland Homes. Hanover stepped in when they backed out of the deal over concerns about site development costs.
“It’s one block from Pinewood Gardens, which we closed out last year. So it feels like a continuation of that community,” Orosz said.
Hanover will offer its complete Academy product line on the 50-foot lots, giving buyers a choice of nine floorplans — including one with a three-car garage — ranging in size from 1,600 square feet to 3,200 square feet. A builder model should be open by March 2022, but Hanover will presell from its Wiregrass community while the model and spec homes are under construction.
“We’ll start with between five and eight inventory homes and try to keep that balance as we go through the project,” Orosz said.
Hanover will offer its Presidential townhouse series, which it is introducing this year at Cypress Hammock in Kissimmee. The 25-foot wide floorplans with 2-car garages offer one of the more spacious designs in the asset category.
“They’re all three- and four-bedroom designs starting at over 1,800 square feet,” Orosz said. “The towns cater to the family that wants a full garage with easy maintenance and extra storage. But we also offer a dual owner-suite option, which is perfect for someone who might want rental income.”
In addition, Hanover offers its full design studio experience for all homebuyers, including townhomes, which are priced starting in the mid $200,000s.
“We’ve been evaluating the cost-benefit of offering the design studio for townhomes,” Orosz said. “We’ve found that buyers really like having that same ownership experience. It’s a point of personalization they appreciate.”
Nearby, Avex Homes will be building a multi-phased mixed-use development at Stevens Plantation on Canoe Creek Road, starting with 142 townhomes and 188 single family homes.
Meanwhile, DIX Development is prepping for construction later this year on the 286-acre Roan Bridge Mixed-Use Planned Unit Development on Old Hickory Tree Road. It’s approved for 1,200 homes and has a town center with 100,000 square feet of retail and office space, plus a new K-8 school.