Meritage Homes is beginning the build-out process of its planned Sand Lake Sound residential community in Doctor Phillips.
Adam Schott, the company’s director of land acquisition, confirmed the company paid about $19.6 million for 95 lots located at Sand Lake Sound Road. He said the firm expects to continue purchasing the remaining lots for a total investment that’s expected to range between $35 million to $40 million.
Once complete, Sand Lake Sound will feature 183 home sites across a variety of single-family home models and townhomes. The project’s mix-up breaks down to 77 single-family detached homes and 106 townhomes.
According to online brochure, prices for single-family homes begin at $534,990, whereas prices for townhomes start at $355,990. Single-family home models reach up to 3,871 square feet, while townhomes reach up to 2,321 square feet.
Meritage Homes launched sales earlier this summer. Schott told GrowthSpotter he expects the total sellout of the community to top $100 million.
The community lies in the middle of Little Sand Lake and Big Sand Lake. Amenities include a resort-style pool, clubhouse and a recreation field. The site plan also shows an observation deck on Little Sand Lake and a lakefront park with a recreation area, canoe launch and dog park.
Marketing material for Sand Lake Sound touts its proximity to the major theme parks like Disney World, Universal Orlando and Sea World. The community is also within walking distance to “Restaurant Row" and sits across the interstate from Unicorp.'s 20-acre ICON Park, which is anchored by a 400-foot observation wheel.
Schott said Meritage Homes began seeking out the land in 2016, and shortly after began prepping it for development with the help of finance partner CDCG 4 MTH 2 LP, an entity tied to Blackstone Group’s credit platform, GSO Capital Partners.
The entity paid a combined $24.5 million over two deeds in 2017 for the roughly 50-acre property.
Houston-based multifamily developer Hanover Company is planning to build 394-unit apartment complex called Hanover at Dr. Phillips on a northwest neighboring parcel.
To the south of Sand Lake Sound, developer Jefferson Apartment Group is building a 262-unit lakefront multifamily project by around Boo Boo Lake. Dubbed Azul Sand Lake Vista, the project is part of a 65-acre mixed-use development being planned by developer Randall F. Greene.
Additional plans call for up to 17,500 square feet of restaurant and retail space as well as a self-storage facility.