Two principals behind Winter Park-based developer Titan Propertiesare preparing to entitle a prime pocket of land in Horizon West's Village H, just as the residential development wave heads their way.
Located at 10553 Avalon Road on the southeast corner with Flamingo Crossings Boulevard, the 34.6-acre parcel lies on the eastern edge of Village H, between S.R. 429 and expansive developments in that village by D.R. Horton (Waterleigh) and Lennar Homes (Storey Grove).
The property is owned by Titan Western Beltway LLC, an investment affiliate managed by Dell Avery and Stan Pietkiewicz, which paid $1.05 million in 2004.
They filed a zoning change request on Friday with Orange County, asking to rezone the property from A-1 to Planned Development, with an eye to eventually split it in half and develop up to 110 townhomes and 316 multifamily units.
Horizon West is among the three hottest zones in Orange County for new residential construction, according to annual data from the Orange County Property Appraiser. Slightly more than 25 percent of the master-planned community's 23,000 acres have been built out thus far.
Officials with Titan Properties did not respond to requests for comment. Based on the developer's history, procuring entitlements and then selling the townhome and multifamily segments to separate builders is anticipated.
"That area is ripe for development, and it's a logical next phase for developers as one of the last available parcels in Village H," Max Perlman, director of land acquistions for Blake-Wilder Strategies in Orlando, told GrowthSpotter. "Demand has only increased in Horizon West. Prices continue to grow, with current deals trading anywhere from $1,080 per front foot up to $1,250 per front foot, depending on terms and size of the takedown.
"That has continued down into Village I as well," he added. "There's quite a bit of future multifamily coming to Horizon West, so it will be interesting to see how those things move forward."