Park Square Homes paid about $4 million on Monday for two shovel-ready sites in the Four Corners and Narcoossee markets where it can meet the growing demand for more townhomes.
Park Square stepped into to take over a 7.5-acre site on Ronald Reagan Parkway at Interstate 4, just outside of ChampionsGate resort. Developers Matthew Gillio and NC Murthy took the Champion Village project through permitting.
Gillio told GrowthSpotter his initial concept was for vacation rental townhomes. He switched over to residential townhomes when Ashton Woods brought the site under contract, but they backed out of the deal. He executed the contract with Park Square Homes for the site, and then revised the site plan to accommodate Park Square’s smaller townhouse units.
The site is approved for 64 front-loaded townhomes. The design team included Kim Fischer with Cycorp Engineering and Bonnett Design Group.
“They’re ready to go,” Gillio said. “This was our first time working with Park Square, and they were wonderful to work with.”
President Steve Parker said the Champion Village site will be marketed as a primary residential community, but it still has the zoning to allow for short term rental uses. He told GrowthSpotter the company plans to start construction in April and deliver new homes by the end of the year. Park Square paid $1.9 million for the site.
“It’s a great location — we think it will do really well,” he said.
Also on Monday, the Orlando-based homebuilder paid $2.1 million for a 10-acre site on Jack Brack Road at Wiggins Road, just east of Narcoossee Road.
Developer Kal Hussein’s Baveria LLC took the site thru permitting and won approval for the 76-unit community. This is one of two townhouse projects on Jack Brack Road that Hussein and Park Square teamed up on.
The builder also is under contract for a 10-acre site that abuts the Wiregrass community now in development by Avex Homes, Hanover Family Builders and Century/Dream Finders Homes. That project is approved for 85 units.
“We should close on the Wiregrass site sometime in late July,” Parker said. “The transition from Jack Brack to Wiregrass should be seamless.”
Both Jack Brack townhouse communities will combine Park Square’s front-load and rear-load townhomes. The front-entry units start in the mid $200,000s and range in size from 1,500-1,700 square feet.
The rear-entry units range from 1,800-2,000 square feet and have detached garages and private courtyards. They also come with options for ground-floor master bedroom and a fourth bedroom.
Parker said the pricing at Jack Brack will likely be slighter higher than Champion Reserve “only because the impact fees are higher in Osceola County.”