Luxury homebuilder Toll Brothers just took a major step in helping transform Apopka’s rural Kelly Park Interchange District into a buzzing suburban neighborhood.
Managers at the company’s Central Florida division told GrowthSpotter the firm has closed on about 40 acres of shovel-ready land along Kelly Park Road with plans to develop a new single-family home community called The Oaks at Kelly Park.
Through entity Toll Southeast LP Company Inc., Toll Brothers paid about $3.5 million for 124 homesites at 2309 and 2405 W. Kelly Park Road.
The deal, which breaks down to about $28,500 per lot, establishes the firm as the first homebuilder within the Kelly Park Interchange Form-Based Code area, which was created by city officials to help drive future development and economic activity to the city.
Land acquisition manager Dustin Bowersett said the firm has been paying close attention to the region’s development activity, particularly the opening of the Kelly Park Road interchange that’s part of the $1.6 billion, 25-mile Wekiva Parkway project.
The expressway was designed to provide an alternative to Interstate 4, and relieve U.S. 441, S.R. 46 and other area roads of traffic congestion, but professionals in the industry say it’s also opening up a wealth of real estate opportunities.
“Once that opened we started looking at the at area pretty intensely,” he said. “One of the things that excited us was the northern extension that connects Lake Mary to Apopka and from there downtown Orlando.”
Bowersett said the company hopes to grab interest from office commuters coming from those markets.
Once complete, Mid-Florida Logistics Park will feature 2.4 million square feet of industrial space.
The Oaks at Kelly Park is slated to launch sales in early 2020 with prices starting in the $300,000′s, project manager Sean Walsh said. The community will include a selection of five one- and two-story home designs, all on 55-foot lots, ranging from approximately 2,150 square feet to 3,300 square feet.
Amenities include a community pool and cabana, a tot lot, two parks and varied pedestrian-friendly streetscapes with hills.
At the time, principal Rich Thometz said the company was looking to market the property to a homebuilder and would likely be the first single-family home community within the Kelly Park Interchange District. The company still owns the land located at 5526 Plymouth Sorrento Rd., just east of SR 429.
A new retail project called Gateway Plaza is underway on the northwest corner of E. Lester and Rock Springs roads. The project features more than 32,000 square feet of new retail space.