One of the nation’s largest home construction companies is diving into a fast-growing submarket in Apopka where other homebuilders are quickly planting flags.
Records show Lennar Homes paid $3.15 million for about 35 acres of agricultural land at 4550 Golden Gem Rd. with plans to develop a single-family home subdivision listed on city documents as Golden Orchard Estates. Tropical plant and foliage supplier ForemostCo Inc. is listed as the seller.
Macallan Acquisitions LLC, a family real estate company based out of Coral Gables, took the property through the zoning and approval process and assigned its interest in the deal to Lennar Homes through its subsidiary, MJS Ventures LLC.
Principal Michael Serviansky, told GrowthSpotter the land is entitled to feature 165 single-family homes in Apopka’s Kelly Park Interchange District — a zoning overlay created by city officials to help drive future development and economic activity to the once sparsely developed region.
“What drew us there is the clear path of growth,” he said. “It seemed like the logical next steps to move in terms of land development.”
The Coral Gables development company has worked on deals in Central Florida in the past. Roughly two years ago Macallan Acquisitions prepped land for development in the ChampionsGate submarket in Osceola County. That property, north of Sinclair Road, is now under the control of Pinnacle Housing, an avid developer in the area that’s behind several projects, including new apartments.
Serviansky said he spoke to several builders in the Apopka area prior to the most recent deal. His experience working with Lennar in the past and the homebuilder’s commitment to minimize a home’s impact on the environment helped solidify the transaction.
According to Serviansky, every home will have solar panels, as part of Macallan’s new Green Initiative.
“About six months ago we made a commitment that every project we do has to have some sort of green aspect, it has to be sustainable and do right by the environment,” he said. “We are very excited to see Mayor (Bryan) Nelson’s vision of the Kelly Park Interchange District come to fruition and for Lennar to deliver a beautiful community.”
The Golden Orchard Estates subdivision features 32-foot-wide and 50-foot-wide lots that can hold two-story bungalow-style homes. Plans feature wide amounts of open space and a community recreational center.
In April, Lennar Corporation sold its residential solar division, SunStreet Energy Group, to Sunnova Energy International in a deal worth over $358 million, news articles report. As part of the agreement, Houston-based Sunnova announced it became Lennar’s exclusive residential solar provider for new home communities across the country.
Lennar has been integrating solar panels and energy-efficient products into its homes for a while now. In 2018, GrowthSpotter reported the homebuilder introduced its first all-solar community in Polk County. North Ridge Estates in Haines City on the U.S. 27 corridor features about 80 homes that were priced in the low $200,000s, as part of Lennar’s affordable, energy-efficient American Dream Series.
Nearby, Lennar Homes has another roughly 45 acres on the southwest corner of West Lester Road and Schopke Lester Road under contract with plans for 120 single-family lots. That deal has not yet cleared records, but an agreement to sell the property to Lennar was filed in Orange County last year.
Earlier this summer GrowthSpotter reported that Pulte Homes was behind plans to build a 175-unit single-family home subdivision on about 50 acres in the Kelly Park Interchange District, between S.R. 429 and Plymouth Sorrento Road, south of Joey McGuckin Road.
Toll Brothers is building a 124-unit Oaks at Kelly Park single-family home community on Park Ridge Street and Kelly Park Road. Meanwhile, Hanover is planning a 114-lot subdivision on about 40 acres at 4532, 4622 and 4630 West Kelly Park Road.
D.R. Horton was one of the first homebuilders active in the area with its 152-lot subdivision Bridle Path, east of Plymouth Sorrento Road and north of Kelly Park Road. Earlier this year, the homebuilder launched plans to expand its community by an additional 200 homes just south of the Bridle Path community.
Nearby, Publix recently opened a store location in a new shopping center on the southwest corner of Kelly Park Road and Plymouth-Sorrento Road.
Meanwhile, land developer Mike Galvin is helping put together a 205-acre master plan on about 180 acres between Effie Drive and Round Lake Road, just north of Kelly Park Road, which has the potential to introduce more than 1,000 residential dwelling units to the area.