Celebration-based CBD Real Estate Investment LLC is ramping up its development activity in Polk County with almost 4,000 residential lots planned on property the company owns, is buying or recently sold.
In Haines City, CBD sold Bonnie’s Landing to Clayton Properties Group, which owns Highland Homes, for $4.88 million cash. The deal closed two weeks ago, Clayton’s George Lindsey told GrowthSpotter. The 80-acre subdivision located across the street from Haines City High School was previously under contract a national builder in 2019.
Clayton Properties is completing site improvements to the 303 single-family lots of Bonnie’s Landing and sold 149 of them to Ryan Homes. Clayton will deliver the lots finished to Ryan Homes and will build homes on the remaining lots, Lindsey said.
Tennessee-based Clayton Properties and Ryan Homes will build single-family, detached homes 50 feet x 120 feet lots with 1,500 to 2,200 square feet homes with two- and three-car garages. The homes will be two to three bedrooms and most two baths, though some three baths, Lindsey said. He expects to have lots ready for permitting and building in 10 months or less.
“The same thing we’re building all over Central Florida,” Lindsey said. With prices of $235,000 to $245,000, the homes attract first-time home buyers, step-down buyers, buyers moving from other states, families, commuters to Orlando. “It’s a full spectrum of buyers. The corridor along 27 is a very active market right now. … The Polk County market, you drive until you can afford because the land and home prices in the Orlando market is skyrocketing.”
“It’s a drive-for-value market,” CBD President and Founder David Waronker told GrowthSpotter of Haines City and Polk County. “Many people are priced out as you get closer to Orlando. This is a great road address. It’s affordable workforce housing. A family can buy a home with a combined income of $60,000 with an affordable mortgage of less than $1,500 a month.”
That’s why CBD has so many projects in the county. Most projects are between D.R. Horton’s Grace Ranch and Tarpon Bay being built by Park Square Homes, Waronker said.
“The sales are booming in the area,” he said. “If we have 10,000 lots in Haines City, we could sell all 10,000 lots.”
Covered Bridge at Liberty Bluff, also on 30th Street, is another CBD Haines City project. The company is under contract to sell the 256 permitted building lots to Orlando-based Avex Homes for $4.99 million. Waronker sees the deal closing May 3.
Off of Hinson Road, CBD has Liberty Bluff Phase VI — 85 single-family lots that the company has under contract to sell to another national builder for $1.56 million. Waronker sees the deal closing in the first quarter of 2022.
Also in Haines City, CBD is developing Liberty Bluff Phase IV — 290 single-family lots. The project is in the early permitting phases and Waronker sees it being ready in the second quarter 2022.
In Lake Wales, CBD has two projects that is close to Waronker’s heart. A business partner lost his daughter, Robin Mainardi, less than two months ago. Waronker is developing the projects and naming them both after Robin.
Robin’s Run will be 137 single-family homes on 40 acres off of Buck Moore Road and Sunset Drive. CBD purchased the land for $1.2 million. The other project will be called Robin’s Walk and is meant for small homebuilders, Waronker said. The 10-acre parcel CBD bought for $300,000 will be subdivided into 33 single-family lots.
In Eagle Lake, CBD expects to close on 288 acres for the Ranches of Lake McLeod during the second week of April, paying $7.7 million cash. The property, located on the north and south side of Bomber Road, will be a single-family home and commercial community, Waronker said. CBD will ready the land for 1,156 single-family lots of 40-, 50- and 60-foot wide to be sold to a national homebuilder for $18.8 million with a closing scheduled in May. CBD will spend about $2 million in expenses on the development, Waronker said.
“We believe they will be taking the first phases,” he said. The community will be developed in five phases — North, Central, Southeast and West,” he said. “It will be a phenomenal project. … We’re creating a huge community, basically a city within a city.”
CBD plans to keep and develop the commercial portion of the property with 17,700 square feet of retail plus a bank site. Once completed, the residential community will increase the population of Eagle Lake by 24%, Waronker said. “With that kind of increase, people need retail merchants to service that massive community.”
Near Bartow, CBD is in the early stages of developing 523 acres into Peace River Ranch. The property, off of State Road 60 in unincorporated Polk County, currently is used for cattle and hay. The property has about 1,700 feet of road frontage on S.R. 60. CBD is entering a joint venture with the owners. The owners asked CBD to keep their names confidential.
The land, near U.S. 27 and off of the north side of 60, will be developed into 1,491 single-family lots in what Waronker calls “another drive for value market.” Waronker sees this project ready by 2023. “We most likely will develop it like Eagle Lakes — looking for one or two national or regional builders to buy it. I expect it will be multiple builders.”
Finally, in Dundee, CBD is under contract to buy a 65-acre citrus grove parcel off of Lake Mabel Loop Road for $2.11 million. CBD expects to develop 240 single-family lots with 50-foot front lots, Waronker said. He expects the deal to close in the first quarter of 2022.
“I’m looking to acquire another 260 acres in Dundee, as well,” Waronker said. “We plan to build roughly four homes per acre. It’s under contract but in due diligence.”
Waronker said he is “just following the market and creating affordable housing.” Richmond American Homes, Adams Homes and LGI “have all set the pace” in Dundee.