Construction has started on phase one at Posner Estates, a new 176-unit townhouse vacation home resort near the Interstate 4-U.S. 27 interchange in Davenport.
Broker An Flamand told GrowthSpotter the first phase includes 44 units, a mix of three-bedroom and four-bedroom townhomes. Avila Developers, a Venezuelan company just entering the Central Florida market, has owned the 14-acre site since 2014. The property is located at 2000 Ernie Caldwell Blvd., just outside the Posner City Center.
"The location is ideal," Flamand said. "It's close to I-4, so it's easy to get to the parks and to both coastal areas. It's also close to ChampionsGate."
As a vacation home specialist, Flamand knows the current trend at resorts like ChampionsGate and Reunion is to build large vacation homes with up to 10 bedrooms. Avila decided to keep the scale more traditional.
"The average family that comes over is still four or five people -- maybe six," she said. "Pretty soon there's going to be a shortage of that because they're all building bigger and better homes."
The community clubhouse and pool are basic -- but each townhouse has a swimming pool with privacy walls. The plan was to keep HOA fees below $200 a month. Pre-construction prices start at around $250,000 (not including the furniture package).
"It's a small project -- 176 units," she said. "It's a cute resort project that's still affordable and attractive to investors. Phase 1 is sold out, so we're in an ideal situation."
Construction on the first phase should be completed in September with the first closings scheduled for October. Flamand said she has reservations for about half of the Phase 2 units. All of the investors are European and Russian.
Victor Posner City Center, also known as Posner Park, is a 366-acre mixed-use development that is home to a shopping center and Cinepolis IMAX theater. The developer is in the process of rescinding the DRI, but the project is entitled to 1,991 residential units, 2,600 hotel rooms and 1.4 million square feet of offices.