With site work underway by Pulte Homes Corp. on a gated luxury lakefront community around Ruby Lake, the homebuilder is working again with two local developers to entitle an adjacent 15-acre parcel, which Pulte could acquire to build up to 130 townhomes.
With the property re-entitled in recent months by Unicorp and Dwight Saathoff, Pulte buys half now for Phase I of Ruby Lake Estates, while land banking agent Sun Terra holds Phase II until October 2017.
Saathoff and Unicorp retained control of a 15-acre portion of the property near where Daryl Carter Parkway meets Palm Parkway, though Pulte holds the deed on it.
If entitlements are granted to build the townhomes, Pulte would pay the developers to consummate full closing on the property, said Clint Ball, vice president of land for Pulte. If Pulte chooses not to follow through, Saathoff and Unicorp would get the deed for the 15-acre tract, where they'd likely pursue an apartment project.
The developers are asking Orange County to revise the development program of Ruby Lake PD, "down-zoning" the property by converting approved multi-family units to townhomes. From a density standpoint, that's usually embraced by planning staff and neighboring property owners.