KB Home continued its rapid expansion in Central Florida, paying $2.83 million for just under 14 acres on Canoe Creek Road in St. Cloud, according to a deed signed Tuesday in Osceola County.
The land, fully entitled and platted for 50 single-family lots, will be known as Canoe Creek Crossings.
KB Home is now taking orders for the build-to-suit homes. Buyers can choose from seven floor plans with sizes ranging from 1,542 square feet to 2,566 square feet. Prices will start in the mid-$200,000s.
“Some homes have different features,” Jim Reinert, KB Home’s vice president for land, told GrowthSpotter. “Not only the size but the number of bedrooms and bathrooms are a significant factor in the price of the home.”
The property is south of U.S. 192 and east of Florida’s Turnpike. KB Home spokeswoman Cara Kane said the company chose the area because of its convenient location with easy access to the two highways and a quick commute to the Lake Nona region.
KB homes has acquired 1,000 lots recently in popular Central Florida submarkets, including St. Cloud, Kissimmee and Davenport. The company sees potential for long-term growth due to the region’s “dynamic economy,” said Orlando division president Fred Wyborski.
“Our strategic pursuit of new opportunities to expand our footprint has positioned us well to meet rising demand for new homes,” Wyborski said in a statement.
In addition to the most-recent acquisition at Canoe Creek Crossings, KB Home has added these other ready-to-build communities: Tivoli Reserve, 179 lots in Davenport, and Rivercrest at Narcoossee, 73 lots in St. Cloud. The company also acquired an additional 250 lots in its Gramercy Farms community, where there will be a total of 584 single-family homes.
The company’s Preservation Pointe community in Davenport recently opened and offers single-family homes ranging from 1,350 to 2,800 square feet with up to five bedrooms and three baths. Prices start in the low-$200,000s.
The seller of the Canoe Creek property was Park Square Enterprises, an Orlando development and homebuilding company headed by CEO Suresh Gupta. The two companies have worked together in the past, but have no current deals in the works, Reinert said.
“The one thing I appreciate about Park Square Enterprises is that they are a home-building company as well as a development company,” Reinert said. “This was an opportunity for us to come together, for them to develop the lots and sell them to us.”
Gupta told GrowthSpotter that Park Square is interested in doing more deals in the area.
“I think it’s the price point,” Gupta said. “A lot of people work in Lake Nona, or it could be Kissimmee. Some people like to live a little farther away to pay a little less. It’s an affordable area to live in.”
Gupta said demand is high now for entry-level housing.
“The rents for apartments are so high,” Gupta said, “they think for the same amount of dollars they can buy a house with a two-car garage. People are opting to buy a home.”