Meritage Homes of Florida has paid almost $2 million to put together three parcels and create a subdivision in one of the few remaining vacant properties in the residential heart of Oviedo.
The project, as envisioned by Meritage, will contain 23 homes for which prices will start around $500,000.
The residences will be located in a roughly nine-acre subdivision named Hammock Reserve, off W. Artesia and S.R. 434. Meritage paid $1.78 million for three parcels ranging from five acres to 1.2 acres.
Meritage closed on the sale late January, after waiting to secure local government approvals, but has not broken ground. A pre-construction meeting has yet to be scheduled, which means the company must wait for permits, a planner in Oviedo's building department said.
Meritage is quite familiar with Oviedo, making the city one of its focal points for development in Central Florida.
Already being sold in Oviedo by Meritage are Hampton Estates, with homes ranging from $448,990 to $543,990; Oviedo Gardens (homes from $396,990 to $492,99); and Bellevue (homes from $413,990 to $501,990).
In terms of size, Hampton Estates homes range from 2,537 square feet to 5,169 square feet, Oviedo Gardens' residences are sized from 2,537 square feet to 5,169 square feet and Bellevue abodes run from 2,537 square feet to 5,169 square feet.
It is believed the Hammock Reserve homes will be somewhat larger square-footage wise given the homes' higher starting prices. Meritage's Central Florida land development manager Dante Fraigari did not return calls requesting comment on Monday.
The land was sold to Meritage by Bill Sullivan, president of Potomac Land Company of Winter Park, under Pickett Run LLC. The LLC has no connection to Lake Pickett, which is about 10 miles away from Oviedo, Sullivan said.
Sullivan, a veteran Central Florida broker, said of Oviedo, "It's about built out. There are not many opportunities left" for prime properties.
But in all four local counties — Orange, Seminole, Osceola and Lake — "there are always opportunities to find, although they may not be easy," he said.