Park Square Homes has a wetland-heavy 40 acres in East Orange County under contract that IBI Grouphas led through rezoning and entitlement since last October, set for 156 townhomes five miles north of Orlando International Airport.
The homebuilder should close on the land in October, break ground on roads and infrastructure by early November, and start building model homes in April 2017 for sales to start next June, president and COO Steve Parker told GrowthSpotter.
Located at 4190 S. Goldenrod Road, just north of the intersection with Narcoossee Road, the project will be built on 16.56 developable acres out of 40.07 total, in two phases of 88 and 68 units.
The two-story townhomes will average 1,600 square feet of living area, with three- and four-bedroom options at prices that start in the high $100,000s.
"You can't really find homes in the $180,000 to $200,000 price point within miles of that location. We feel it is an infill site that will attract a lot of buyers that live close by," Parker said. "It's very close to the airport, the 417 innerbelt road system and major employment centers. With this price point we'll be able to reach the first-time home buyer."
Dubbed Goldenrod Reserve, the Preliminary Subdivision Plan was recommended for approval in late July by Orange County's Development Review Committee. Final permit approvals from the county are expected by early October, Parker said.
Park Square typically manages its marketing for new development presales in-house, but has relationships with outside brokerages as well, he added.
Maury L. Carter & Associates has been marketing the property on behalf of trustee Larry L. Jones, and Richard Wohlfarth of IBI's Maitland office is the contract purchaser, via an affiliate LLC. That entity will then resell it to Park Square.
Park Square has 19 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.