Park Square Homes will break ground in the fourth quarter on two new communities on Wetherbee Road in Sawgrass Plantation.
"We're really excited about Sawgrass," Park Square President Steve Parker told GrowthSpotter. "It's a great location. It's close to the Lake Nona Medical City and has other great employment centers close by. There's a school right across the street, and shopping is close by."
The Orlando-based builder has contracts on two of the last remaining undeveloped parcels in the master-planned community in unincorporated south Orange County. The first is a 17.4 acre parcel on the north side of Wetherbee, midway between S. Orange Avenue and Boggy Creek Road. The parcel is currently owned by Winter Park developer Titan Properties, the community's master developer.
"We're building 121 townhomes," Parker said. "It's going to be called Sawgrass Landings. It will be gated and have its own pool and cabana."
Parker said he expects to close on the property in September and will start construction in November, as soon as the final permits are approved. Models should be open in the second quarter of 2017. Each townhouse will feature a front-loaded garage.
"We're excited about that community because all of the single family homes in Sawgrass are priced at $250,000 and up, and we're going to be able to offer homes for first-time homebuyers starting at $195,000. It's not something that's been offered before."
Park Square also has a contract on the 54-acre parcel immediately south of the townhouse project. The property is owned by the Eloise Yates estate and currently has an agricultural exemption in excess of $2.5 million.
The builder filed construction plans Monday with the South Florida Water Management District for the 163-home subdivision.
Parker said the community will be built in two phases, with 87 lots planned in phase one. It will feature a blend of 50- and 60-foot lots with floorplans offering up to six bedrooms. Pricing will start in the mid-$200,000s.
The builder expects to close in December and start horizontal construction immediately. The models should be completed a month after the townhome model center opens. "It will have some on-site amenities, but we're still in the planning stages for that," Parker said. "Sawgrass has been around for a while, so its amenities are pretty complete."
Park Square has 20 residential development projects currently in varied stages of development or construction in Orange, Seminole, Osceola and Polk counties. The developments will deliver 1,496 single-family homes and 483 townhomes to buyers from this Fall through mid-2017, at prices ranging from $180,000 to $550,000.