As an Atlanta-based developer prepares to bring two side-by-side subdivisions with a total of 290 lots to a growing residential area just south of Lake Nona, the company is also planning to widen a street off Narcoossee Road in response to the area’s anticipated growth.
Pulte Homes is moving forward on plans for 168 townhomes on 19 acres of property along the south side of Clapp Simms Duda Road in the city limits of Orlando, near the Osceola County line. The community will be called The Cove at Nona Sound.
The company is also working on a subdivision of 122 detached single family homes on an adjacent 19.56-acre parcel to the east. Featuring 50 and 60-foot lot sizes, this community will be called The Estates at Nona Sound.
Pulte Homes bought the parcels in late March for $7.6 million from Emerson International Inc, an Altamonte Springs-based development firm. Emerson, which specializes in commercial development, residential lot development and home-building, paid $3.9 million for the property in 2014.
Max Perlman, the Vice President of Land Acquisition with Pulte’s Central Florida division, told GrowthSpotter that horizontal construction is expected to start by early fall.
On Wednesday, a permit request was submitted to the South Florida Water Management District on behalf of Pulte requesting approval to improve a segment of Clapp Simms Duda Road from Narcoossee Road, to the west of the project site, to the Ajay Lake Canal, which forms the property boundary to the east.
Improvements sought for the roadway include removal of organic soils beneath existing roadway to stabilize the roadway, increase travel lane width to 12 feet and add turn lanes onto Narcoossee Road. Additionally, roadside swales will be improved to increase drainage from additional impervious surface, according to permit application materials.
Perlman did not provide cost estimates for the road work.
This would be Pulte’s latest plunge into a red-hot real estate market just south of the Orlando International Airport.
Today, the Lake Nona area — north of Clapp Simms Duda Road —is the top-selling residential community in Orange County, adding 685 rooftops in 2021. Last year, the community ranked 18th among the fastest-growing master-planned communities in the nation, according to RCLCO. In 2021, the area got another economic boost with the arrival of the UCF Lake Nona Hospital.
While Tavistock Development Company has ownership of some 11,000 acres around Lake Nona, the developer has partnered with Pulte on a giant home construction project in the area. In January, 2019, Pulte was confirmed as the first production homebuilder in Tavistock’s Poitras expansion of Lake Nona.
Isles of Lake Nona — less than a mile west of the Nona Sound projects, on the opposite side of Narcoossee Road — is approved for 2,734 residential units across nearly 1,150 acres, consisting of townhomes, bungalows, and 50-foot wide single family detached lots.
The project is a part of the Lake Nona master plan and was designed to be a smaller scale follow-up to Pulte’s successful Village Walk at Lake Nona project. The homebuilder has thousands of lots in the airport submarket north of S.R. 528, both in Pinewood Reserve and EverBe (formerly Vista Park).
Pulte also partnered with Tavistock for the first phase of its age-restricted Del Webb Sunbridge community in Osceola County. Other Pulte properties further south of Lake Nona in St. Cloud include Split Oak Reserve and Weslyn Park, in Sunbridge.
“The Lake Nona area is highly desirable because of the tremendous amount of jobs generated within Medical City and the surrounding area,” Perlman told GrowthSpotter.
KPMG, a professional services firm, opened its national training center in Lake Nona in early 2020.
The $450 million, high-tech campus with almost 800,000 square feet of meeting, classroom, residential and dining space focuses on enhancing the skills and services of more than 35,000 KPMG professionals in the US through immersive training in cutting-edge classroom and field environments.
Disney is expected to have a home here, as well, though the timing is less certain. The entertainment and media conglomerate in September paid $46.42 million to secure a 60-acre development site with plans to build 1.8 million square feet of office space across multiple buildings, with a minimum height of four stories. The corporation announced it was delaying the transfer of 2,000 employees from California to Florida.
The area’s proximity to the airport is also attractive to Pulte Homes.
“You also have lots of growth associated with Orlando International Airport and the industries surrounding the airport,” Perlman said. “In addition to jobs, the school district in Lake Nona is phenomenal and a huge driver of demand.”
Pulte Homes is one of America’s largest homebuilding companies with operations in more than 40 markets throughout the country. In the first quarter of 2022, the company earned $3.1 billion in revenue through the closure of 6,039 homes at an average sale price of $508,000, according to the company’s website.
In 2021, the company sold 28,894 homes, the third most of any home building company in the country, according to Builder 100.