The homebuilder contracted to build 66 town houses for the Reagan Center in Sanford wants to expand its presence by purchasing 10 contiguous acres and building 60 to 75 more.
Park Square Homesis considering purchasing 9.6 acres next to the southern part of the Reagan Center project so it can expand what was initially planned and place all of its town houses in one area.
Part of the rationale for being right next to the Reagan development is that the additional townhouses can tap Reagan Center services like drainage and utilities and be part of a community that shares roadways.
Also, "We believe in the location," said Park Square President Steve Parker. "There is a scarcity of land for new homes in Seminole County and we feel this is a very attractive location."
Parker said the town houses would be priced to be affordable, from the high $100,000s to the low $200,000s.
The parcel Park Square is looking at is on the southwest side of N. Ronald Reagan Boulevard and Hester Avenue and is owned by Jack and Carol Rosier.
Reached by phone, Jack Rosier said he and Park Square "are talking more than a million" dollars for the property. He said that if it does sell he and his wife will retire to a home they own nearby.
The Rosiers bought the parcel for $105,000 in 1984, from the United States Farmers Home Administration, property records show.
The site, whose address is at 4850 Hester Ave., contains a 2,064-square-foot single family home built in 1955, according to Zillow and Trulia.
Surrounding communities are Hester Oaks and Hidden Creek.
The parcel does come with some challenges. There is a very large retention pond in the middle of the property and Hester Avenue would need work, including a widening and a sidewalk to meet Seminole County standards.
The land would need to be rezoned from agricultural to planned development.
Park Square Homes is to kick off construction at the 118-acre Reagan Center, which until August was the home of Flea World, located at the intersection of Ronald Reagan Boulevard and US 17-92.
Park Square Homes paid property owner Syd Levy $1.2 million for an eight-acre parcel on the property. The company has been building in local communities such as Orlando, Mount Dora, Lake Nona, Kissimmee and Oviedo for 31 years.
As part of the Reagan Center project, Park Square is among the many builders expected to participate in coming years on mixed-use projects that will see roughly $300 million of construction, sponsors say.