Some 40,000 cars a day drive past the location at Brisson Road and Lake Mary Boulevard, which was widened in that area to four lanes a few years ago. The working names of the projects are Brisson East and Brisson West.
"There is visibility from the road and I think it is a matter of time before others start building there as well," said Bob Zlatkiss, principal of American Land Development.
Zlatkiss is developing one part of the property, Brisson East, with Sadik Jaffer, who is sole developer of Brisson West. Jaffer could not be reached for comment.
Brisson East will be made up of 256 single family housing units and Brisson West will have 377.
The developments will sit on about 170 acres and the detached homes will cost about $15 million to build, Zlatkiss said.
Sizes will range from 2,500 square feet to 5,000 square feet, having two to five bedrooms and two- to three-car garages.
Prices will start at $250,000.
Right now Zlatkiss is getting bids for street and road work, which includes paving, water and putting in sewer pipes.
He hopes to start building in about eight months and sees the overall building process taking two-and-a-half years.