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Single-Family Residential Developments

Dream Finders Homes under contract with church for new subdivision in Horizon West

Dream Finders Homes is looking to build another residential subdivision in Horizon West near its Wincey Groves at Hamlin community, located northwest of New Independence Parkway and Avalon Road.

Dream Finders Homes is looking to close a deal with a major landowner in Greater Orlando.

The homebuilder is in negotiations with the Catholic Diocese of Orlando to purchase about 60 acres north of New Independence Parkway and east of Avalon Road.

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According to a recently submitted development application, Dream Finder Homes is planning a 184-lot single-family home subdivision at 5859 Avalon Road. The lots will be a minimum of 40 feet wide.

Kristine Tillman, with Kelly, Collins & Gentry Inc., is representing the religious institution in plans to rezone the property from Agricultural (A-1) to Planned Development (PD). The homebuilder was listed as the developer and eventual owner.

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The community will connect with the 285-lot Hamlin Gardens residential subdivision created by Ryan Homes in 2017. The Hamlin Gardens community contains a mix of 175 single-family homes and 110 townhomes that are currently in different phases of construction.

Just a short distance away, Dream Finders Homes is building out its 177-lot Wincey Groves at Hamlin residential community, located northwest of New Independence Parkway and Avalon Road.

One of the first residential projects it built in Horizon West was its Sanctuary at Hamlin community, which comprises 115 single-family homes. The community was completed in 2020. Near that, Dream Finders Homes is completing the 151-lot Lakeside at Hamlin neighborhood after launching sales last summer.

Earlier this year, GrowthSpotter reported that Dream Finders Homes paid $5.87 million for about 305 acres in Horizon West. The homebuilder intends to build a higher-end homestyle product on the property, Dan Edwards, DFHs’ vice president of land, previously told GrowthSpotter.

The deal with the Diocese of Orlando is not complete yet, but the church is known to sell large chunks of land to developers.

In 2020, Winter Park developer Condev bought about 40 acres in Sanford from the Diocese of Orlando and enlisted Davis Development and Pulte Homes to build residential units in its planned mixed-use community near the city’s SunRail station.

In 2019, the Diocese of Orlando sold about two acres of land at 310 N. Orange Ave, in downtown Orlando to Tennessee-based Mid America Apartment Communities (MAA), which completed the 368-unit multifamily building called MAA Robinson Apartments.

The religious organization also sold about 270 acres in Seminole County to Sun Terra Communities.

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That property, formerly the San Pedro Center, is now one of the fastest-growing residential communities in Seminole County, according to an analysis conducted by GrowthSpotter last year.

Sun Terra Communities paid $26.7 million for the property, records show. Hawks Crest is being built by Meritage Homes and Taylor Morrison and is located along Howell Branch Road, between S.R. 436 and Dike Road. The project includes a mix of single-family homes and townhomes, separated across five subdivisions totaling roughly 750 lots.

Dream Finders Homes went public in January 2021, raising $125 million in gross proceeds in a U.S. IPO.

Following its IPO, the Jacksonville-based homebuilder acquired Orlando-based Century Homes/Craft Homes and all its assets, giving it a foothold in communities like Lake Nona and Sunbridge.

The company grew quickly during the pandemic but faces supply chain challenges, as well as challenges regarding rising interest rates and strong inflation, according to its housing market update released this month.

In its last earnings release, covering the third quarter in 2021, management said homebuilding revenues for the third quarter increased 27.9% to $361 million, compared to $283 million the same quarter a year ago.

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In Central Florida, the homebuilder is building homes in Montverde, Haines City, Tavares, Clermont, DeLand, Orlando, St. Cloud, Debary, Winter Springs and Howey-In-The-Hills.

Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 491-3357, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.


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