Tavistock Development Company paid just under $7 million this week for 198 acres in the first official land acquisition in the Osceola County portion of Sunbridge.
The master developer subsequently sold the land to Pulte Homes for $12.3 million. Pulte is partnering with Tavistock for the first phase of Sunbridge. The builder will offer the first homes in an active adult section of the 24,000-acre master-planned community through its Del Webb brand.
"We're permit-ready, and we'll break ground this month, " Pulte Division President Clint Ball told GrowthSpotter. He said the transaction includes the first 450 lots of the community, which is approved for 1,400 lots.
"We're so excited," Ball said. "It's been a long time coming. If you can't tell, we're bullish on the 55-plus market in Orlando. We think it's going to be a real destination for Baby Boomers."
He revealed new details about the company's newest flagship community, which will be designed by STG Design to feature and "Old Florida" cracker-style architecture and theming.
"We're trying to be innovative with our programming, in the context of health and wellness," Ball said. "It's going to be a very social atmosphere."
The community will have a 25,500-square-foot clubhouse with a restaurant and lounge, fitness center, resort style pool, pickle ball and tennis sports courts, community garden and full-time lifestyle director.
Del Webb will offer an attached, villa product starting in the mid-$200s and up to eight different floorplans on its 50-foot classic and 65-foot estate lots. Homes will range in size from 1,500 to 3,000 square feet and will be available in a variety of elevations, including Craftsman and Old Florida.
The model center should be delivered in the First Quarter of 2020, Ball said.
Pulte will add a third Del Webb active adult community this year in the Horizon West submarket.
"Del Webb Oasis will be about 450 units and given its great proximity to the attractions and Horizon West we are excited about bringing this project to market," Ball said earlier this year. "We have seen strong early interest from in market buyers looking to downsize from their current homes and live close to their families in the Horizon West area."
Editor's note: This story has been updated with the correct acreage of the Sunbridge project. An earlier version of the story only included the acreage in Osceola County.