M/I Homes bought 35.54 acres earlier this month in Seminole County near Oviedo for its next high-end, single-family residential development.
The national builder paid a total of $8.74 million to nine landowners for 10 parcels in the southeast quadrant of Simmons Road and Hideaway Cove, according to deeds signed June 1 and recorded four days later. The property, east of Lockwood Boulevard and west of the Econlockhatchee River, is largely vacant except for a few homes and a barn.
The development, dubbed Hideaway Cove, will have 92 single-family homes built on 65-foot-wide, 120-foot-deep lots in a gated community with large conservation tracts, according to Daniel Kaiser, M/I's vice president of land.
Home prices should start in the mid-$400,000s, he added, in line with the price range M/I has been able to command in some of its nearby communities.
Final engineering plans for the development are now under review by the county, according to Kathy Hammel, principal planner with Seminole's Development Services Department.
"We anticipate being fully approved to start development in August," Kaiser told GrowthSpotter. "If all goes well, we should be starting to sell houses in Summer 2019."
"We were looking for new opportunities to provide new homes to the market and this location was an amazing find," he said. "The access to UCF, the research parks, great schools and centrally located to serve the needs of our buyers all combined for us as a community too good to pass up."
Kaiser said the location near the Econlockhatchee River will feature large conservation tracts to the east and south for passive recreation in a rustic setting. A site plan submitted to the county shows 2.68 acres of upland passive recreation space, 10.42 acres of wetland/uplands buffers and a half-acre of other open space.
"There will be passive recreational areas that will allow our owners the ability to enjoy the natural habitat of Florida that isn't available in many neighborhoods," he said.
Madden, Moorhead & Glunt served as civil engineer on the Hideaway Cove plans.