Land banking agent Sun Terra Communitiespaid $5.8 million on Monday for 119 acres in Horizon West that it's holding for Beazer Homes, which should break ground in late March on a 117-lot development of single-family homes.
Located at 14052 Reams Road, the property lies just south of the Reams-Ficquette Road intersection in Horizon West, and a few miles from the northern entrance to Disney's Magic Kingdom. The two parcels acquired feature about 62 developable acres.
Beazer's Preliminary Subdivision Plan for the project, dubbed The Preserve at Lakeside Village, was approved in May 2015 by Orange County Commissioners. The project will be all front-load single family homes, with a combination of 50- and 60-foot lots.
Sun Terra is a land-banking agent that acquires property for homebuilders, which at times don't have enough capital in the budgets of their regional divisions to buy the property they want for future projects, said John Kraynick, principal with Sun Terra.
Ownership of this property will likely be transferred from Sun Terra to a Beazer affiliate in December, Kraynick said.
Based in Atlanta, Beazer Homes is a national homebuilder with operations in 13 states. The developer currently has 13 communities in varied stages of construction in the Greater Orlando area.