Pulte Homes paid $6 million on Thursday for 127 acres just east of St. Cloud on the Alligator Chain of Lakes, with plans to start construction this year on a new 329-home subdivision.
The homebuilder will pay an additional $6,079 to the seller at the sale of each completed home, which will bring the final sale price to $8 million at buildout.
The property is on Live Oak Lake, just south of E192 between Narcoossee and Nova roads. Park Square Homes executives Suresh and Vishaal Gupta had owned the acreage through various affiliate companies since 2005. They initially paid $3.2 million for the property at the height of the real estate boom and led it through the initial permitting stages.
Suresh Gupta said the property was bought as an investment and was never intended to be a Park Square community. Pulte contracted to buy it about eight months ago.
"We've carried it for so many years, we're really not making anything on the sale," Gupta said. "It's basically a wash, but it's off our books."
The Guptas, working with Askey Hughey Inc. and Austin Environmental Consultants, won approval for its Site Development Plan, which calls for a mix of 40-, 50- and 60-foot lots. They also negotiated a utility service agreement with St. Cloud.
The community is designed around a 14-acre pond surrounded by a linear park. It also has a large lakefront park on Live Oak Lake in Phase 1, and a 2.3-acre amenity center/recreation tract in Phase 2.
Gupta said Pulte will design the amenity center, and it will be up to the builder to decide whether to apply for dock permits on Live Oak Lake.
The sale included a road easement through the neighboring property.
"That's going to be a commercial development," Gupta said.
The Thompson Grove property, just west of the Pulte land, has filed for annexation to St. Cloud and is seeking approval for a Mixed-Use PUD with 287 homes and 10 acres of commercial uses along E192.