Lennar pays $10M to gain a position in Tohoqua community

Lennar Homes paid $10 million this week for the next phase of Tohoqua, making it the third national homebuilder to gain a position in the master-planned community in St. Cloud.

Orlando Division President Brock Nicholas said the purchase comprises a pod of 227 lots. The site is graded and engineered for construction. Nicholas said he anticipates starting development later this month and opening for sale in early 2021.

“We’ll be building alongside current active builders in the community,” Nicholas said. “We’ll offer a total of 10 floorplans across two homesite sizes, ranging in price from the mid-200’s to the high 300’s.”

The Lennar section is west of the phase that is currently in development by Mattamy Homes, the community’s first homebuilder. Pulte Homes closed on its two sections, phases 4 and 5, in late February for just under $6 million. Pulte’s acquisition included over 500 homesites, including a gated Del Webb-branded active adult community.

“Pulte bought raw land,” Tohoqua project manager Andre Vidrine said, explaining the lower purchase price. “They’re going to begin site development in the next few weeks.”

That means all three builders should be actively selling in 2021. In addition, Lennar and Pulte will be constructing a mile of the 4-lane Cross Prairie Parkway through their sections that will link Tohoqua to D.R. Horton’s Kindred community. The parkway construction coincides with the widening of Neptune Road by Osceola County.

“There’s a substantial investment in improving the transportation network in this area that will benefit the surrounding communities,” Vidrine said. “In addition, we’re going to be dedicating a 2-acre fire station site to the City of St. Cloud shortly after the completion of Neptune Road.”

The 785-acre community borders Neptune Road and the Florida Turnpike. The former DRI is entitled for 2,216 homes and townhomes and 1,004 multifamily units, plus 613,000 square feet of commercial uses and 200 hotel rooms.

Master developer Tohoqua Development Company (TDC) is wrapping up construction on the amenity center that includes a 5,300-square-foot resort style pool with cabana, 3,400-square-foot clubhouse, 2,400-square-foot fitness center and tennis courts. Vidrine said it will open before summer.

The community also has dedicated public school sites for a new high school and a K-8 school. A STEM Charter school also is planned.

With its resort and residential communities, Lennar continues to be one of busiest homebuilders in Osceola County. The company has active residential communities in St. Cloud, including Hanover Lakes and Lancaster Park, and is prepping for the launch of Southern Oaks, a 519-home community on Lake Ajay.

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