Toll Brothers, which bills itself as the nation’s leader in luxury homes, has begun site work for a 125-lot subdivision along the St. Johns River, just outside Sanford.
Dubbed Riverside Oaks, the development will sprawl over 65 acres on the north side of Celery Avenue between Sipes and North Beardall avenues. Homes in the community will be priced in the $300,000s and up, and will range in size from 2,050 square feet to 3,123 square feet, according to the company.
As with other communities developed by the Horsham, PA-based homebuilder, buyers will be able to select from several different floor plans and facades, as well as a variety of paint colors.
The community will feature a clubhouse with a cabana and a swimming pool. Residents will also have exclusive use of a private canal that leads to the St. Johns River.
This is Toll Brothers second residential community in Seminole County. The company is busy building homes at Parkview Place, a 70-home subdivision, also near Sanford. The company is looking for other potential residential sites in Seminole County, said Dustin Bowersett, Toll Brothers land acquisition manager.
“We’re selling very successfully in Parkview Place and we’re looking to spend more in Seminole County,” Bowersett told GrowthSpotter. “Sanford, with all the breweries, the restaurants and all the festivals they do on weekends that make it a destination, is driving our interest in Seminole County along with the county’s schools. You toss in the river access (at Riverside Oaks) and you have the whole nine yards.”
The 65-acre site consists of a handful of parcels that belonged to Larry A. Dale and Daryl and Barbara McLain. Dale, former mayor of Sanford and longtime CEO of the Orlando Sanford International Airport discussed their plans to sell the land to a major homebuilder back in 2016. Dale would not release the name of the buyer at that time.
Seminole County land records show Dale and the McLains sold the property on Oct. 10 to Colonial Semoran Investments LLC for $2.8 million. Colonial Semoran is a development company headed by Sadique Jaffer and Ashu Luthra. On the same day, Colonial Semoran sold the property to Toll Brothers for $3.1 million.
Bowersett said Colonial Semoran obtained the necessary land-use entitlements from Seminole County before selling the property to Toll Brothers.
“It’s pretty typical,” Bowersett said. “A land developer will take a series of parcels under contract, assemble them, then pursue the entitlements and sell them to the home builder.”
Construction on the Riverside Oaks sales center and model home will begin this winter and the community should open for home sales next summer, according to Toll Brothers.
Dale told GrowthSpotter he and the McLains each kept a parcel where their homes are located out of the property they sold. The surrounding area is booming, Dale said, citing homebuilder D.R. Horton’s 653-lot Riverbend development less than two miles away from Riverside Oaks.
“We’re going to have a whole bunch of new neighbors,” Dale said. “Between Celery Avenue and (State Road) 46, and between Sanford Avenue and (State Road) 415, I bet there are several hundred new rooftops, if not a thousand.”