The site, called Tivoli Reserve, was previously approved for a high-density townhouse project, but those permits expired in 2015. Mohan told GrowthSpotter he has opted to reduce the density by half and build single-family homes based on market demand and construction activity in the area.
The community is zoned to allow short-term rentals, but Mohan said he hasn't decided whether to pursue that option. "That's a decision I'll make at a later date," he said Tuesday. "Right now, I'm working on getting it entitled."
Mohan said he initially began pursing the parcel two years ago when his broker, Sean Fullerton, brought it to him. He expects to close on the property upon receiving approved permits.
"I had a couple of LOIs, and then all of sudden it all came together," he said.
Mohan said he expects to break ground in January 2018. "And this time next year, we'll have lots available for sale."
He has engaged LandSmart Consultants as planner and engineer, already filed a site development plan with Polk County, and last week filed construction plans with the South Florida Water Management District.
Mohan has previously lived in China and worked as a developer and had an export business focused on building and construction materials. Since moving to Orlando, he has acquired several hotel properties and is in the process of opening a microbrewery at the Oviedo Mall.
The Tivoli site is adjacent to a 59-acre parcel that is slated for a 527-unit apartment complex. That project, currently owned by ABD Development, is part of the Providence DRI and is under contract to a multifamily developer, but the closing has been delayed for several months.
Providence is approved for more than 4,800 residential units with 2,048 entitled in Phase 1. ABD is currently in horizontal development for Phase 2 of the master-planned golf community.
Phase 2 is approved for 2,813 residential units, but the developer has traded off townhouse units for single-family detached, which will lower the projected density.
ABD Marketing and Sales Director Matt Brown said the developer is currently clearing land on the apartment site to start building a second entry road and gatehouse on Reagan Parkway (formerly Kinney Harmon Road).