M/I Homes may be looking to expand its land portfolio by another 440 homesites just north of the Encore at Ovation community in Horizon West.
The Ohio-based homebuilder was listed in plans currently under review in Orange County for a project called Gem Groves Planned Development. The builder submitted a Preliminary Subdivision Plan spanning roughly 275 acres west of Avalon Road, and straddling Flemings Road (S.R. 351) to the north and south. The residential portion sits on about 130 acres north of Flemings Road.
Submitted documents call for up to 364 single-family homes and 73 townhomes. Single-family home lots are depicted to border the southern shores of Lake Star in Horizon West’s Village I, also known as Ovation.
M/I Homes was listed in construction plans for the townhomes. Representatives at the company did not respond to inquiries about Gem Groves PD and PSP. It’s unclear whether or not the homebuilder is under contract with the property owners, which is a split interest between two parties tied to Titan Properties.
Titan-Liberty Lake Underhill Joint Venture and Village I-545 LLC appointed Poulos & Bennett as the civil engineer and planner the Gem Groves PD and PSP.
Records show the ownership group, led by Dell Avery and Stan Pietkiewicz, bought the land in 2016 for $9.8 million as part of a 464-acre purchase from Gem Groves Company, which is linked to Harry Falk, CEO of Heller Brothers Packing Corporation.
The entire Gem Groves PD includes plans for a future elementary school on 15 acres near the northwest corner of Avalon Road and Flemings Road, as well as a village center with commercial development planned on 28 acres and multifamily development planned on 18.7 acres.
The PD lies directly north of M/I Homes Encore at Ovation community, currently being built out at 17776 Flemings Rd., on the western edge of Ovation with frontage on Lake Mac. Plans for Encore at Ovation call for more than 400 homes from its Cottage and Bungalow series.
Titan Properties has worked with M/I Homes in the past.
M/I Homes is awaiting construction permits for a 206-lot subdivision it bought from Titan Properties in Osceola County earlier this summer for $5.3 million. The 60-acre subdivision is next door to D.R. Horton’s Harmony West community.
It’s also under contract with Titan Properties to buy a 15.5-acre lot, nearby Encore at Ovation in Horizon West, at 10553 Avalon Rd., with plans to build up to 99 townhomes.
In Apopka, M/I Homes is under contract to purchase about 70 acres from Winter Park-based real estate company Demetree Global with plans to build a 225-unit residential community along the John Land Apopka Expressway (S.R. 414).
More recently, M/I Homes bought roughly ten acres on Cyrils Drive, off Narccoossee Road in St. Cloud with plans to build up to 70 townhomes. Matthew Gillio was the seller.
The homebuilder started the year off strong, with its initial quarterly revenue increasing 43% to $828.8 million and the number of its contracts growing year-over-year by 49%. M/I Homes is active in 15 markets across 10 states and ended 2020 with $3 billion in total revenue. The company releases its second quarter earnings on July 28.