Orlando-based homebuilder Park Square Homesis preparing its entry to the Horizon West submarket, paying $3.5 million in December for 165 acres where it plans a new townhome-heavy subdivision.
Located at 8498 Seidel Road, east of the 13th green at the Orange County National Golf Course, the property has roughly 66 acres that are developable surrounding Saw Grass Lake.
"The Southwest market area of Orlando has continued to be one of the stronger growth areas in the Orlando MSA for the last several years," president and COO Steve Parker told GrowthSpotter.
"This will be our first entry into this submarket, and we believe the proposed pricing of our homes we will be offering ... is the price that is in the strongest demand today across not only the Orlando market, but across the U.S."
Dubbed "Ravenna," the new Park Square neighborhood will include a mix of 23 single-family homes ranging in size from 2,400 to 3,200 square feet, and 80 rear-load townhomes on 22-foot lots with 1,600 to 1,800 square feet under roof.
Pricing should start in the $200,000s for the townhomes and the $300,000s for the single-family homes, Parker said. The company's Aventura and Venice single-family models will be offered.
The homebuilder just started its road infrastructure work on the property, and construction on model homes is projected to start in the third quarter, Parker said. Sales should begin in the fourth quarter.
The seller was an investment vehicle of Suresh Gupta, Park Square's CEO, and Vishaal Gupta, his son and executive vice president at the company, which previously paid $3.5 million in 2009.
Park Square is the latest among many homebuilders to make major lot commitments in Horizon West in the past year.
NVR, Inc., parent company of homebuilder brands Ryan Homes, NVHomes and Heartland Homes, partnered with construction manager DDC in November to acquire 61 acres west of the Hamlin Town Center, where 285 lots will be prepared for NVR's staged takedown.
And Mattamy Homes is developing Hawksmoor, the 254-acre former Zanzibar property on Old YMCA Road, a Frank Lloyd Wright-inspired community with up to 461 lots to offer everything from townhomes to 90-foot estate home lots.