UPDATED: August 1, 2018 9:27 AM — Pulte Homes is planning a range of new homes on approximately 250 acres under contract from Taurus Investment Holdings for the third phase of development on its Beltway Commerce Center property near Orlando International Airport.
Located northeast of the Lee Vista Boulevard and Central Florida Greeneway (S.R. 417) intersection, the new development dubbed "Pinewood Reserve" calls for 465 home lots across 253 gross acres, roughly 100 of which will be protected wetlands.
The homes would be built in three phases, with construction forecast to start this December and Phase 3 to be complete by mid-2023.
Pulte's standard amenity package includes a pool and cabana area, tot lot, multiple park spaces and walking trails. The homebuilder filed a Specific Parcel Master Plan and Preliminary Plat application with the City of Orlando last week.
Winter Park-based developer Condev originally was the contract purchaser for the property with Pulte lined up as its builder. But within the past year "it became evident Pulte was better suited as a direct buyer, so I've been helping them and Taurus manage the residential process," Condev President Chris Gardner told GrowthSpotter.
The Beltway Commerce Center has Planned Development zoning that spans more than 490 acres around the intersection, the majority owned by Taurus affiliates, with only 67.11 acres of the mass developed thus far by Prologis with four warehouses.
The Pulte-contracted portion was previously zoned and master-planned for office and industrial, but Gardner and Taurus led it through Future Land Use and PD zoning amendments over the past six months to allow for up to 500 dwelling units, assisted by Miranda Fitzgerald of Lowndes, Drosdick, Doster, Kantor & Reed, P.A.
Pulte's new SPMP forecasts a mix of rear-load townhomes on 20-foot lots (more than 200), roughly 175 single-family homes on 50-foot lots, and 60 bungalows on 32-foot lots. The exact unit count for each is subject to change at this stage.
"We like the east side of town and think there's a lot of demand for primary housing, with opportunity outside the Lake Nona corridor increasingly limited as you move north," said Max Perlman, vice president of land acquisition with Pulte. "This infill property is a challenge with the wetlands, but we like the location close to the 417 and think it's very convenient for the growth in east Orlando."
Pulte's goal for Pinewood Reserve is to price it more affordably than communities in Lake Nona and the nearby Innovation Way corridor. That could mean townhomes starting in the low $200,000s and single-family homes in the low $300,000s, Perlman said.
"We're happy to do the deal with Condev and Pulte," said Jeff McFadden, Florida managing director with Taurus. "We're selling them the dirt and jointly building an access road. It's a nice project for them and much needed."
Taurus' two new industrial buildings planned south of Lee Vista Boulevard, first reported here in November 2017, should break ground by this September, McFadden added. Taurus will build the more than 560,000 square feet of new warehouse space with Colony Northstar under contract to purchase.
After the Pulte and Colony Northstar deals close, Taurus has roughly 14 acres remaining across two sites for potential built-to-suit office buildings, McFadden said.
Madden, Moorhead & Stokes is civil engineer on the Pulte plans.