Taylor Morrison buys lots to partner w/Meritage on former ‘San Pedro’ land
By Mike Salinero
Oct 20, 2017 | 4:49 PM
National homebuilder Taylor Morrison has purchased 30 percent of the approved lots in the gated Hawk's Crest community, planned for the 270-acre former San Pedro Center property in south Seminole County.
Taylor Morrison paid $15.829 million on Oct. 13 to Meritage Homes, the community's prime developer, for 229 lots on land once owned by the Catholic Diocese of Orlando. The purchase will give Taylor Morrison sole development rights on all 40-foot-wide lots in Hawk's Crest, while Meritage will develop lots of 50 and 70 feet in width, as well as townhomes.
The Taylor Morrison lots are being cleared now and the first houses should be completed by mid-2018, vice president of land acquisition Brian Dalrymple told GrowthSpotter. Taylor Morrison anticipates investing $24 million in developing its portion of Hawk's Crest, he added.
"We were grateful to have the opportunity to partner with Meritage," Dalrymple said. "Meritage is a fantastic land developer and homebuilder. We have not (worked with Meritage) before but we talked to them a number of times about doing something and finally the opportunity came to do something together."
Dalrymple anticipates the two companies will partner in the future on more projects in Florida and the Southeast region.
Sun Terra received county approval in December 2016 for a mixed-use Planned Development for up to 710 homes, a 125-bed assisted living facility and 50,000 square feet of retail. Later, Sun Terra submitted a Preliminary Site Plan without the assisted living component.
In July, Sun Terra sold the development to Meritage for $42.96 million. The sale occurred in three simultaneous transactions, with the townhomes and 40-foot parcels going directly to Meritage and the balance to a land banker for Meritage, said John Kraynick, principal at Sun Terra.
Sun Terra retained ownership of the 6.8 acres slated for retail, and is under contract to a commercial developer, Kraynick said.