Tavistock creating CDD to finance Phase 1 of Sunbridge in Osceola

Tavistock Development Company plans to start construction of Sunbridge in Osceola County in 2018, according to documents recently filed with with the county.

The developer has petitioned with Osceola to establish a Community Development District (CDD) for its massive Sunbridge community.

CDDs are units of government that can issue tax-free municipal bonds to finance the construction and maintenance of infrastructure. Tavistock estimates the cost of roads and utilities for Sunbridge at $26.8 million, which would be paid back to the bondholders over time by property owners within the boundary, on future annual tax bills.

The Sunbridge CDD1 would cover 711 acres -- a fraction of the more than 19,000 acres of ranch land the developer has committed to buy from the Morman Church in Osceola County. The entire project spans two counties, with another 4,787 acres in southeast Orange County. 

Tavistock Spokeswoman Jessi Blakley told GrowthSpotter the developer plans to create multiple CDDs in the two counties as the community develops. "The petition is simply to establish a CDD on the first parcel we plan to develop within Osceola County," she siad.

Osceola County Manager Don Fisher said he has had very preliminary discussions with Tavistock about its development plans. The CDD petition sheds some light on the plans for Phase 1.

According to the document, Tavistock plans to construct 1,330 residential units within the district: 341 villas on 35-foot lots; 684 classic homes on 50-foot lots; and 305 estate homes on 65-foot lots. 

The infrastructure improvements -- roads, utilities and drainage -- are estimated to cost $26.8 million, and will be built in 2018-2019. 

Osceola's Development Review Committee is scheduled to consider the petition on April 20.   

The Osceola County portion of Sunbridge is already in the county’s Urban Growth Boundary. In 2011, the county adopted the Northeast District Element, making the ranch’s 19,000-plus acres one of the county’s three mixed-use districts.

The NE District plan entitles the developer for nearly 17,000 single family homes, 12,340 apartments and town homes, and 5,000 hotel rooms. Close to 2 million square feet of “civic space” is reserved throughout the community. That could include parks, community centers, libraries and schools.

The plan includes two major employment centers, with entitlements for 1 million square feet of industrial space and 5.7 million square feet of office space.

An urban center could include up to 790,000 square feet of commercial space, while another million square feet would be spread throughout the various neighborhoods, community centers and office parks.

Tavistock has also applied for a comprehensive plan amendment for the Orange County parcel. "Our intention would be to begin building in both counties around the same time," Blakley said. 

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.

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