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Lennar pays $6M for shovel-ready subdivision across from Harmony

Lennar paid $6 million this week for the shovel ready Pine Glen subdivision on U.S. 192 east of St. Cloud.
Lennar paid $6 million this week for the shovel ready Pine Glen subdivision on U.S. 192 east of St. Cloud. (Osceola Engineering Inc.)

Lennar Homes finalized a deal this week to buy a mixed-use subdivision on Osceola County’s E192 corridor, across from the Harmony master-planned community, for $6 million.

Land developer Reed Berlinsky and Equity Investments brought the 101.5-acre project through zoning and entitlements, having secured an approved Preliminary Subdivision Plan, Concept Plan and Site Development Plan with the county.

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The plans call for 286 attached and detached homes, plus a ¾-acre neighborhood center and 18.6 acres defined as public park or civic use.

Berlinsky said the deal came together pretty quickly. “We were talking to a lot of builders pre-COVID, and things died off a little bit,” he said. “As things came back, Lennar called us, and we were able to come to an agreement and ended up making a deal.”

Lennar will offer 10 different floorplans in its section of the master-planned community.

The property is directly across E192 from the 55-acre AmeraTrail mixed-use project, which also received county approval to build a new 150,000-square-foot manufacturing facility and sales center. Just northeast of the property is Harmony West, a nearly 2,000-home expansion of the master-planned golf community. Jones Homes USA and D.R. Horton are currently building and selling homes in the first phase of the community.

Brock Nicholas, Lennar’s Orlando division president, said there were several factors that made the project attractive. “There’s an approval in place and the SDP is done. So it’s a shovel-ready land purchase, and it’s nearly 300 homes," he said.

“We like the frontage on 192,” Nicholas added. “We like that it has a full median cut, so future homeowners can go either east or west on U.S. 192.”

Lennar expects to break ground in the next 30 or 40 days and will offer four product lines. Most of the community is composed of detached, single family homesites, including 40-foot rear alley access units.

Lennar Homes just got a permit to start work on the first 300 homes in Southern Oaks, and M/I Homes is under contract for a townhouse project across the street.

One of the later phases is designed with 80 rear alley, 35-foot lots and was approved for an attached villa product typically seen in retirement communities. Lennar doesn’t currently offer attached villas in any of its Orlando communities, but Nicholas said the company has no plans to invite another builder into the community.

Nicholas indicated the attached villa product is a response to the market demand for quality housing a lower price point. “We are looking for ways to innovate the utilization of land and the cost to build the homes and make sure we have a finished product the people will love at a lower price point," he said.

Pine Glen would be one of three new Lennar communities in eastern Osceola County. Those also include Phase 2 of Tohoqua, where it joins Mattamy Homes and Pulte in the master-planned community. The homebuilder is also gearing up to launch its Southern Oaks community on Cyrils Drive, 528-home community with boat ramps and marinas on Lake Ajay and Springhead Lake.

Lennar is also building Phase 2 at Hanover Lakes, which features a boat ramp on Alligator Lake and still controls some undeveloped lots in The Lakes at Harmony, an active adult community nearby, at at Lancaster Park on Nova Road.

EDITOR’S NOTE: This article has been corrected to reflect that the project has an approved Site Development Plan.

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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