Tavistock Development Company paid $3.4 million this week to buy 1,600 acres wetlands surrounding Osceola County’s master-planned Harmony community.
The property will be used to mitigate wetland impacts on the developer’s current and future projects, including the Lake Nona expansion area on the former Poitras property in southeast Orlando. The Poitras Planned Development is entitled for over 4,350 residential units, 400,000 square feet of commercial and retail space and 2.24 million square feet of high-intensity airport support uses on nearly 125 western-most acres.
Tavistock is also the master developer of Sunbridge, which spans 24,000 acres in Orange and Osceola counties.
Harmony master developer Sun Terra Communities sold the acreage on May 18 for $2 million to Valhalla Initiative Inc., an affiliate of Bio-Tech Consulting. Bio-Tech’s James Downey secured the mitigation permits on behalf of Tavistock in April. Downey sold property the same day he bought it for $3.4 million.
Downey told GrowthSpotter the deal had been in the works for two years. Bio-Tech first identified the Harmony property as the off-site mitigation tract in 2018.
The Harmony Mitigation Tract is located within and is ecologically significant to the Lake Hart Basin, according to Bio-Tech’s permit application. It’s also adjacent to the Lake X Mitigation Bank and was ranked 12th on the Florida Forever Priority List.
“The preservation of this large tract is anticipated to improve ecological conditions, provide viable and sustainable ecological and hydrological functions, expand the extent of existing conservation lands, provide significant and important habitat and hydrologic elements to the watershed, provide important wildlife corridors, and preserve and enhance habitat types that are commonly found throughout the regional watershed,” Bio-Tech wrote.
The sale is just the latest disposition for Sun Terra Communities, which bought the balance of the 11,000-acre Harmony community in 2017 for $24 million and subsequently sold of large portions to Fusilier Realty Group and Deseret Ranch for a combined $17 million.
Earlier this year, Forestar Group, the land developer for D.R. Horton, paid $10.67 million for nearly 500 lots. The developer acquired all of the remaining lots in the Harmony West phase 1 expansion (Villages of Harmony), and went under contract for phase 2, which is entitled for over 1,000 homesites.
Sun Terra’s combined land sales from Harmony now total over $42 million.