Three national homebuilders have locked in positions in Osceola County’s desirable East Narcoossee area with recent closings on new residential subdivisions on the Zuni Road corridor.
Stanley Martin Homes consolidated its role as the exclusive builder on April 28 by paying $5.38 million for the southern half of Branch Ranch, a subdivision just east of Zuni Road approved for 721 homes. The transaction followed the builder’s October 2021 closing on the northern half of the project for $3.1 million.
Orlando developers Greg Clark of Loma Land Co. and Kyle Sanders of Sovereign Land Co. worked with the Brack family to take the property through the initial rezoning and Preliminary Subdivision approval stage and to secure the buyer. The project straddles both sides of Jack Branch Road and was designed by Rj Whidden & Associates to accommodate more than one end-user, with multiple entrances and amenities on both sides of the main road. Sanders said having a single buyer makes the entire deal less complicated.
“Stanley Martin was an excellent partner for us,” Sanders said.
Eric Marks, division president for Stanley Martin, said the company is getting ready to submit a Site Development Plan to Osceola County.
The southern section of Brack Ranch is adjacent and connected to Wiregrass, where Stanley Martin is currently selling homes alongside Landsea Homes and Dream Finders Homes. At Brack Ranch, the builder will offer five floorplans for each of the lot sizes, for a total of 15.
“This project is really a next step for us as we close out at Wiregrass, so the timing is really good for us,” Marks said. “The proximity to Lake Nona in that entire Narcoossee corridor has been really successful.”
One of the things they liked about the project is the large roundabout that replaces a dangerous S-curve on Jack Branch Road. “It’s going to be nice to clean that up,” Marks said. “It’s going to improve the safety along that entire stretch of Jack Brack Road.”
Ashton Woods secured 21 acres with entitlements for 85 homesites after working with Canadian private equity firm Terra Firma Capital to landbank the property on Zuni Road just north of Hanover Reserve and a mile east of Narcoossee Road. The sale price was $2.66 million.
Orlando developer Kal Hussein and attorney Ronald Black assembled the three parcels and won approval to rezone the land from agricultural to Low Density Residential. Ashton Woods submitted the Preliminary Subdivision Plan, which was approved along with the rezoning, in February.
Hanson Walter & Associates drafted the PS, which calls for a mix of 37 40-foot lots, 40 50-foot lots and eight 60-foot lots. The homebuilder will offer an alley-loaded product on the 40-foot lots and on four of the 50-foot lots. The remaining 44 lots will feature standard, front-loaded detached homes.
Ashton Woods is also one of five homebuilders now selling in Weslyn Park, the first subdivision in Sunbridge, a 25,000-acre master-planned community by Tavistock Development Co. The builder closed out its inventory in Sunbrooke, a 349-lot subdivision on Jones Road launched in 2019.
Another project Hussein took through entitlements lies just off Zuni Road, on 66 acres at the end of Oesterle Road. Hussein designed the 56-lot Narcoossee Woods subdivision for David Weekley Homes and received approval for the Preliminary Subdivision Plan. But the builder never closed on the deal. “They would have ended up having to extend utilities all the way from Zuni, which was very expensive,” Hussein said.
The project also had environmental challenges, he added. The sellers ended up finding a buyer in American Homes 4Rent in late 2021. The California-based company that specializes in purpose-built, rental subdivisions paid $3.9 million for the land and subsequently filed a Site Development Plan for the project under a different name, Sandhill Preserve.