xml:space="preserve">
Centex holds the grand opening of its model center for Whaley's Creek on April 23.
Centex holds the grand opening of its model center for Whaley's Creek on April 23. (Centex)

Pulte Group is doubling down on St. Cloud, paying nearly $6.4 million for 235 acres on Canoe Creek Road across from CalAtlantic's Esprit community.

It will be the builder's second community in St. Cloud. Pulte already sells single family homes and townhomes at Lakeshore at Narcoossee and is active in Lake Nona.

Advertisement

Pulte brand Centex will hold a grand opening of its model center for Whaley's Creek on April 23. While Centex targets first-time homebuyers, the builder is offering floorplans at Whaley's Creek with as many as six bedrooms and bathrooms. Prices start in the low $200,000s -- well above the typical Centex starter package.

The property was annexed by the city in 2005. Developer and land banker Sun Terra Communities bought the land from the Whaley family -- longtime Osceola ranchers -- in 2013 for $5.9 million.

Sun Terra rezoned the land as Planned Development to build in four phases. Sun Terra received approval in February for phase one, which includes the model center, pool and clubhouse and first 169 home sites on 50-foot and 60-foot lots.

Sun Terra Communities is funded by JEN Partners, LLC a New York based private equity real estate firm.

Pulte bought Centex Corporation in 2009 for $1.3 billion in stock, creating what was at the time the nation's largest homebuilding company (it's now third largest). Centex specialized in entry-level homes, a market that had virtually been abandoned in the post-recession building boom.

Now Pulte is relaunching the Centex brand in the Central Florida market, including a new condominium townhouse community -- Jackson Park -- in south Orlando. Another new Centex community, Fountain Park in Polk City, offers single family homes starting at $155,000.

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.

Advertisement
Advertisement
Advertisement