Lakeland-based Highland Homes paid nearly $8 million last week for a shovel-ready subdivision project on Osceola County’s fast-growing Jones Road corridor.
Orlando-based WCFM Nona was the seller. The local development group had paid $13 million two years ago for the 163.5 acres in East Narcoossee. The land straddles Jones Road and had subdivision and site plan approval from Osceola County for a total of 633 homesites.
Highland, which was acquired earlier this year by Berkshire Hathaway-owned Clayton Properties Group, bought the 85.5 acres north of Jones Road. This portion is approved for 300-plus homes.
WCFM Nona officer Bob Zlatkiss told GrowthSpotter that D.R. Horton is under contract for the 80 acres south of Jones Road. That transaction is expected to close in September, he said. The southern section abuts the Center Lake Ranch property that was annexed into the City of St. Cloud and approved for 4,000 homes earlier this year.
Both Highland and D.R. Horton are active in the St. Cloud submarket. Highland is currently selling single family homes and townhomes in Canopy Preserve and Gramercy Farms.
D.R. Horton is awaiting final permits for the first phase of Glenwood, a 173-lot subdivision on 40 acres just north of the Jones Road site. The homebuilder also has two more St. Cloud communities in the pipeline: Savannah, an Express Homes community on Friar’s Cove Road, and Pine Grove, a 300-plus home community just south of Center Lake Ranch.
As a major east-west corridor linking Narcoossee Road to the future Sunbridge development, Jones Road is quickly transitioning from its pastoral setting to a suburban bedroom community. The WCFM property borders two other residential subdivisions now in development. Ashton Woods is building Sunbrooke, a 349-home community abutting the D.R. Horton piece.
Developer Bill Canty, one of the principals of WCFM land, is teaming up with Orlando-based Elevation Development for a 150-acre subdivsion on the north side of Jones Road. That community, Sunridge Creek, would have 600 homes and townhomes.