Homebuilder D.R. Hortoncontinued its buying spree in Polk County, signing purchase contracts for two residential projects now in site development by Feltrim Group.
Feltrim and Horton agreed to terms for the sale of all 361 lots at Tarpon Bay, a Nautical-themed subdivision on Marian Road a block south of Haines City High School.
The contract is structured as a series of takedowns with Horton scheduled to buy the first 100 lots over the next 15 months. Horton will build single-family homes on 52-foot and 62-foot wide lots. Feltrim will develop the roads, infrastructure and amenities, including a clubhouse with pool, a playground, pond features with walkways, and the main entrance.
Tarpon Bay, which broke ground in November 2018, will be completed in three phases, with the Phase 1 infrastructure expected to be finished by the third quarter of 2019.
Feltrim also started horizontal construction in January on Feltrim Reserve, a residential community on Sandhill Road just off U.S. 27 in Davenport and agreed to sell the 117 lots to D.R. Horton, who will construct three- and four-bedroom townhomes. That contract is structured in two takedowns, six months apart.
Feltrim will develop the community's roads, infrastructure and shared amenities. The infrastructure is expected to be completed by June 2019. CEO Garrett Kenny previously told GrowthSpotter he designed the 19-acre community to target first-time homebuyers.
One of the largest production homebuilders in the United States, D.R. Horton has more communities in development in Polk County than anywhere else in Central Florida. The builder is also under contract to buy the former Lake Charles Resort, a 550-lot subdivision in Haines City.
Feltrim Group is the master developer of Balmoral at Water's Edge, a 228-unit vacation home resort in Haines City. The developer has approvals for an 80-room hotel and 8,000-square-foot banquet center to be constructed at the main entrance and a Ronaldo R9 Soccer Academy in the community.