The property on Poinciana Boulevard, just north of Orange Blossom Trail, has entitlements for 425 single family homes designed around a 30-acre lake, 600 multifamily units and 26 acres of commercial development.
The Poinciana site is in one of the fastest-growing residential areas in Osceola County. Just to the north is the Cumbrian Lakes resort and Fiesta Key condominiums.
The property is owned by several trusts, which kept the sellers' names out of public records. Listing broker Max Sabeti, president of Realty Resource of Central Florida, said the sellers are all members of the same family. They bought the land from the Frank E. Brown family in 2001 for about $3.8 million.
"The owners of this tract have done some engineering in the past when the market was hot, and when the market tanked they put a stop to everything," Sabeti said. "Now they have resurrected the project and have got a portion of it approved for single family residential."
The first phase is permitted for 136 lots. Askey Hughey, Inc. is the project engineer and is in permitting now for the second phase, which contains 278 lots.
The commercial/multifamily parcel is about a half-mile from the SunRail station and has an approved conceptual plan, Sabeti said.
Construction on the 17.2-mile SunRail extension is scheduled for next year with service expected to begin in 2017. The Poinciana station design includes a park and ride lot and bus drop off area.