The homebuilder has approached Seminole County planners with a subdivision plan and a final development plan on the heels of receiving Seminole County Commission approval to change the 9.44-acre parcel's designation to planned development from agricultural.
Dante Fraiegari, land development manager for Meritage Homes of Florida, told GrowthSpotter site development should start early next year and construction is planned to begin by mid-summer.
Meritage doesn't own the land yet; it is under contract with the purchase expected to be complete as soon as January.
Roughly seven acres are owned by Sanford resident Mitsue Aso and the rest is held by the Rew-NY LLC, whose principals are listed in property records as Michael E. Lewis, 1485 International Pkwy, Suite 1001, Orlando; and Richard E. Wesley, 1469 N. New York St., Sanford.
The sellers did not get their full asking price of $1.5 million, said Ali Mushtaq, senior advisor at Sperry Van Ness, which brokered the sale.
The property Meritage is buying is at the northwest corner of Orange Boulevard and New York Street. The land had served as a plant and tree nursery called Japan Nursery.
The development will join single family residential communities including Retreat at Wekiva, Orange Boulevard and Astor Farms that have been built in the area in recent years.
Somerset Estates will be Meritage's 26th residential development in Central Florida.