New Jersey-based K. Hovnanian Homes is under contract to buy and develop more land in Horizon West.
Kyle Upper, Florida division president for K. Hovnanian, told GrowthSpotter the firm is working with multiple landowners to subdivide about 80 acres of land in order to construct a new residential community dubbed Osprey Ranch.
Plans call for 308 single-family attached and detached homes. The property is located along the northern side of the future Hartzog Road realignment, east of Avalon Road.
“This is the front door to Horizon West,” Upper said. “We’re incredibly excited about the location.”
This would be K. Hovnanian’s second community in Village I, Horizon West’s fifth and final village.
K. Hovnanian is in the midst of building out its first Village I community, Winding Bay at 11030 Hanlon Terrace Alley.
In Horizon West, it has also developed Highland at Summer Lake Groves in Village F and Winding Bay Preserve in Village H.
The current ownership group consists of Thomas J. "Jim" Karr, Jr. and wife Tami Karr. Jim Karr is a local real estate developer and a major landowner throughout Central Florida. Donald Allen Jr. and Patricia Allen are also part of the ownership group.
According to a Preliminary Subdivision Plan recently filed in Orange County, Osprey Ranch would consist of 140 townhomes and 168 single-family homes. Poulos & Bennett is the civil engineer.
Lot sizes for single-family homes range from 30 feet to 50 feet. Upper said prices should be similar to Winding Bay at Ovation where townhomes start in the upper $200,000’s and larger single-family homes are selling in the mid-$400,000s.
Without disclosing the price, Upper said the firm should close on the land by the fourth quarter of this year. Development for the homes should begin in 2021, Upper said.
Village I sits west of State Road 429, with the border of Lake County to its west. It’s the southernmost village within Horizon West.
At build-out, the approximately 2,130-acre village could accommodate about 2,500 single-family homes, 1,200 townhomes, 1,200 multifamily units and up to 400,000 square feet of commercial space.
Columnar Investments owns about 70 percent of the land in Village I.