A year after Pulte Homes nixed plans for an upscale, marina development on East Lake Tohopekaliga, the homebuilder has a contract to buy and develop 70 acres just down the road from the original site.
It's one of two new subdivisions the homebuilder plans to launch in Osceola County by the second quarter, land development director Josh Kalin told GrowthSpotter on Thursday.
"We'd like to start as soon as we get permits," Kalin said.
Pulte filed construction plans this week with South Florida Water Management District for the 221-lot subdivision on the south side of Boggy Creek Road, at Lake Vista Drive. Poulos & Bennett, the project engineer, filed a Site Development Plan (SDP) Thursday for Pulte.
Last week, Pulte filed an SDP for a 197-lot subdivision on Cyrils Drive, east of Narcoossee Road. Cyrils Drive is slated to be extended and eventually will become one of the main east-west corridors in Tavistock's Sunbridge community. It will have a full interchange with the future NE Connector toll road.
Kalin said Pulte hasn't settled on names for either community. The Boggy Creek Road site will offer a mix of 40-foot and 50-foot lots, while the Cyrils Drive neighborhood will have larger lots (60, 64) and higher price points.
Pulte closed on the Boggy Creek site Jan. 24, paying owner Maitland Fruit Company $4.15 million.
Pulte previously had the 96-acre Boggy Creek Resort and RV Park property under contract, but walked away from the deal last February without completing the rezoning.
Pulte had envisioned an upscale development for boaters that could utilize an existing 150-slip marina. But the purchase price combined with the cost of developing the site made the project unfeasible, a company executive told GrowthSpotter last February.
Although it too fronts on East Lake Toho, the new project won't provide any boating access to the lake. Kalin said the permitting for a community boat dock would be expensive and would delay the project.
"It would require many, many hurdles," Kalin said. "Not to mention the property limits – there's quite a bit of wetland we would have to get through. It's really a timing and business decision for us."
He said Pulte, which just bought out the remaining inventory of lots in its Lakeshore at Narcoossee community, wanted to be in the Boggy Creek/Narcoossee corridor and pursued multiple properties last year.
"I would hate to think of this one as Plan B," he said. "Every project has unique characteristics. We approach each parcel with a different marketing mindset, so we look at this one as a typical land-locked parcel."
This story has been updated to include the purchase price of the Boggy Creek Road parcel.