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Park Square Homes tapping into land bank for expansion

Park Square Homes at Reunion, one of many communities where Park Square has built.
Park Square Homes at Reunion, one of many communities where Park Square has built.

In the depths of the recession, when a lot of home builders had to shed their land, Orlando-based Park Square Homes was buying it at discounts.

It bought land at Stevens Plantation in St. Cloud, at Vista Park in East Orlando, and Wolf Creek (now Summerview) in Lake County, to name a few.

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Now, with the real estate market improved, Park Square is busily tapping into to its bargain land and other properties with zeal, expanding its offerings throughout the greater Orlando area.

"We feel pretty good right now, "said Jared Weggeland, director of sales and marketing for Park Square.

The builder is on track to sell 350 units this year and 500 next year. The plan is to open 12 new communities and close two, with a net gain of 10 communities open next year, Weggeland said, adding that the builder's sales team will need to double to handle the expected traffic.

Park Square's optimal positioning was doable because the company had deep financial pockets, allowing it to take advantage of fire-sale land during the recession with cash for development to spare, said Weggeland.

"We were wise with money and had plenty in the coffer, not only able to keep our business, but to grow it," he said.

The builder has 300 lots owned at Live Oak, in Osceola County on the way to Harmony.

Parkdale in Oviedo, near Red Bug Lake Road, is under development with about 300 units.  And SummerView, in Lake County, has about 200 lots to sell and it's kicking off sales in the next couple of weeks.

In the first quarter next year, Park Square is in due diligence to develop two town home communities in Orange and Seminole Counties.

But traditional owner-occupied homes are only about half of Park Square's business. Its roots are in resort short-term rentals

Rosemont at Providence, for instance, is a new single-family home community in Davenport, Fla., for short-term rentals that is branded with Virgin Holidays, so it is rented through their network. The units are sold to investors who often choose to rent their homes out when they aren't using them. The buyers recieve five years of fixed rent for the Virgin Holidays units, whether they are rented or not, said Weggeland.

tburney@growthspotter.com or 407-420 6261

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