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The yellow outline in this aerial image shows the approximately 10 acres where Avex Homes plans to build a new townhome development called the Reserve at Lake Wildmere.
The yellow outline in this aerial image shows the approximately 10 acres where Avex Homes plans to build a new townhome development called the Reserve at Lake Wildmere. (SJRWMD)

Developer Avex Homes has started construction on a $5 million first phase of townhomes fronting Seminole County's Lake Wildmere, and has a closing set for early January on more than 100 lots in south Osceola County.

Located at 640 E. State Road 434 in Longwood, the Reserve at Lake Wildmere will feature 27 townhomes in the first phase of the project, with 38 units to follow in a second phase. The homes will range in size from 1,780 to 2,400 square feet with prices starting at $240,000, said Avex president Eric Marks.

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"Construction on the first building lots are completed," Marks told GrowthSpotter. "We will start sales in January and we expect our first closing in March."

Expansion of affiliate Avex Homes in Greater Orlando prompted parent company to base homebuilder here.

Marks said the company's investment in the first phase will be about $5 million. The land development was financed by American Momentum Bank and the home building by City National Bank of Florida.

Jon M. Hall Co. of Longwood oversaw site work and Avex Homes, an affiliate of Avalon Park Group, will handle building the townhomes. The engineer on the project is Poulos & Bennett of Orlando.

Avex started putting together the three parcels for the community about two years ago. The latest tract was acquired within the last three months at a price of $171,600. Altogether, the three properties total about 10 acres, Marks said.

The company liked the location because of the lakefront acreage, and because it was one of the few remaining opportunities for in-fill development in Longwood, Marks said. The property is also close to the SunRail Longwood station.

Ninety lots ready for construction in a Fruitland Park turn-key community were bought for $1.8 million, with sales to start within three months.

"There are really almost no new home products anywhere close to this community," Marks said. "It creates a great and unique opportunity for us."

Avex is also starting new developments in nearby counties. The company recently acquired 29 building lots near Eustis in Lake County where it plans to build single-family homes ranging from 1,600 to 3,000 square feet, at prices starting around $160,000.

"We should start a model (home) in the next few days," Marks said. "We will continue to buy additional lots for a total of 160."

And in January, Avex will close on the first phase of about 110 developed lots on Pleasant Hill Road in south Osceola County. Construction should begin in January on new homes with prices starting in the low $180,000s, Marks said.

Avex, which started out building homes near Tampa in 2013, expanded to the Orlando area in recent years with developments such as The Towns at Westyn Bay near Winter Garden, and Shingle Creek Reserve in Kissimmee.

Have a tip about Central Florida development? Contact me at msalinero@outlook.com. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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