With its litigation over Hanover Lakes in Osceola County now resolved, Hanover Capital Partners executives told GrowthSpotter the 543-home boating community will be a key component in the launch of the company's new homebuilding division: Hanover Family Builders.
"We're happy to put it in the past and move forward to build a great community," said vice president Matt Orosz. "We're going to have some unique nautical design elements and some other features we don't want to share just yet."
Hanover is resuming site development at the 178-acre site on Hickory Tree Road and will be the exclusive builder for the first two phases of the community. The company will determine at a later date whether to invite other builders during subsequent phases.
The Orosz family, led by Hanover President Bill Orosz, are legacy builders in Central Florida who have built and developed more than 20,000 homes in the region.
"We owned Royal Oak Homes and sold it to AV Homes in 2015," Matt Orosz said. "And before that the family owned Cambridge Homes and sold it to K. Hovnanian."
The company has already lined up a half-dozen residential projects in Osceola and Lake counties, and will ramp up production in a few months.
Hanover Family Builders will break ground Sept. 1 on a new model center for Phase 3 of Ardmore Reserve in the city of Minneola.
"We developed the community in 2015," Andrew Orosz said. "It has a beautiful amenity. It will have 674 homes at buildout."
The community is designed to be constructed over six phases. Royal Oak Homes and Dreamfinder Homes are actively building there now.
Matt Orosz said Hanover would offer nine floorplans on the 50-foot lots starting in the mid $200,000s, and six floorplans on the 70-foot lots.
"We'll have some casita-type options on the larger floorplans," he said. "We're going to have some upgraded features you don't typically see at this price point."
Hanover is also launching four other Lake County projects. The builder will launch Phase 2 of Cypress Oaks in Groveland (168 lots) and will build out the last phase of Windsong in Leesburg (39 lots).
The builder also has 66 lots in Sorrento Springs, which is part of the master-planned Eagle Dunes golf community. And in October, Hanover will launch a new 400-home community, Preserve at Sunrise.
In Osceola County, Hanover will be the exclusive builder at Overlook Reserve, a 223-lot community on Ham Brown Road.
Hanover Capital Partners recently completed construction of a new 11,000-square-foot headquarters building in Orlando, complete with indoor basketball court and fully-stocked cigar bar.
Steve Orosz said the company hired Colby Franks, who worked with them at Royal Oak Homes, as executive vice president of construction. The company is actively hiring for multiple positions, including construction superintendent, sales, back office and purchasing.