A group of investors in Orlando and South Florida have paid $12.6 million for land in Osceola County's East Narcoossee area that's slated for a 640-home subdivision.
Orlando developer Bob Zlatkiss is one of four partners in the affiliate company WCFM Nona LLC, which acquired the 163.5 acres that straddle both sides of Jones Road, a major east-west connector between Narcoossee Road and the massive Sunbridge development in Northeast Osceola.
Zlatkiss told GrowthSpotter the investors have contracts to sell the land to MI Homes and Toll Brothers. "We expect to get our final approvals any day now," he said. "We're going to sell them as entitled projects, and then they'll develop them."
Zlatkiss said MI Homes is purchasing the property north of Jones Road, and Toll Brothers is buying the land on the south side of the road. They will be developed as two separate communities, and each is designed to be built in two phases.
MI Homes currently has two Narcoossee area neighborhoods in active sales, but this would be Toll Brothers' first project in Osceola County.
Orlando developer Bill Canty, has seen the project through most of its permit approvals. He was replaced as a company officer by Zlatkiss and Tony Nicholson on Oct. 13, the same day the company closed on the property.
WCFM also paid $419,900 that day to buy the adjacent 6.5 acres at 5475 Jones Road. The firm sourced a $13.25 million loan from City National Bank of Florida.
Zlatkiss, one of the developers of the proposed master-planned community The Grow in east Orange County. His family founded the Black Angus restaurant chain and a chain of video stores that were sold to Blockbuster in 1995.
Nicholson is a well-known homebuilder and philanthropist whose financial gifts helped build the Nicholson School of Communication at UCF and the Nicholson Center for Surgical Advancement. He and Zlatkiss have a separate investment company, ANRZ Investments, LLC.
The WCFM site borders another 114 acres to the east, which are in preliminary design for a 313-lot subdivision by Sovereign-Keewin Partners.
And it's just north of the 2,000-acre Center Lake Ranch, a proposed Mixed-Use development that has applied for annexation into the city of St. Cloud.
All three of the residential projects are designed to include multiple roadway connections, forming a grid network in the East Narcoossee area.