Orlando developer Property Investment Brokers is under contract to buy 190 acres near Haines City from Taylor Morrison for 219 single-family homes called Marion Creek Estates and a 5,000-square-foot minimum commercial building.
PIB expects to close on the purchase in November, director of operations Bobby Luthra told GrowthSpotter. He said the company is in talks with several developers to build the community, however PIB also would entertain an offer from a developer to buy the property located at Cypress Parkway and Baker Dairy Road between Haines City and Poinciana.
If PIB doesn’t sell the development, “we will retain ownership of both pieces,” Luthra said. The area has become a hot spot for residential development with multiple subdivisions in the works or under construction.
Marion Creek Estates is expected to be made up of affordable homes selling for under $250,000, Luthra said. “There has been an increase in demand that has been caused by lower interest rates. At the end of the day, (buyers) don’t say ‘is it $300,000?’ They ask, ‘what will it cost me a month?”
The proximity between work in Davenport and Disney makes the property attractive to PIB, developers and buyers, Luthra said. He sees construction starting mid-2021. Haines City will provide drinking water and sanitary sewer to Marion Creek Estates.
A site plan from PIB outlines three phases of development with 187 lots in the first two phases and 32 in the third phase. The site plan consists of a 2:1 margin of 40-foot lots to 50-foot lots. Corner lots will have a 15-foot setback on the non-front side. All homes will have garages of at least 400 square feet, according to an Impact Statement prepared by Quigg Engineering, which has offices in Lakeland. A dog walk has been added to Phase 1 along with a pool and recreation building added to Phase 2.
PIB is asking for a land-use change to Residential Mixed Development (RMD) from Pre Development of Regional Impact (Pre-DRI), which allows commercial only. The first Polk County Board of County Commissioners reading for the land-use change is set for Nov. 3; the second for Jan. 3. The project itself is scheduled to go before the Planning Commission Dec. 2.
The property is part of the former AV Homes Poinciana portfolio acquired in 2018 by Taylor Morrison.
PIB proposes a turn lane off Johnson Ave/ Cypress Parkway to access phases 1 and 2 and a buffer along the concrete plant and the power substation “to minimize the differences with our proposed use with the adjacent uses.”
The commercial portion, which is planned to service the local community and surrounding area, likely wouldn’t be built until at least 1,600 people live within a one-mile radius. Quigg estimates that will be another 108 homes. Currently there are 1,230 residents. Marion Creek Estates is expected to add 548 residents when completed. There are other residential communities being built in Haines City including Hidden Lake Preserve and Summerlin Grove.
PIB is prepping more than 110 acres of agricultural land for development near Geneva, on the east side of N. County Road 426 and south of E. State Road 46 in Seminole County for a residential subdivision with its own private, man-made water-skiing lake.
In May, an entity associated with PIB submitted plans to build a mixed-use project in Winter Garden that will feature a 50,000-square-foot indoor soccer facility with an outdoor practice field that is slated to span about 81,000 square feet. The developer also proposed a 50,000-square-foot bakery next to the soccer facility and up to 91,800 square feet of office/warehouse space south of the outdoor soccer field.