More homes proposed for Tavistock neighborhood

Real Estate

More than 200 homes are headed to an expansive Tavistock development near Lake Nona. 

Lake Nona developer Tavistock Development Co. LLC is asking the city of Orlando to approve 228 single-family, townhome and triplex lots in the Poitras East neighborhood, according to city documents. Poitras East is an 11,000-acre neighborhood under development by Tavistock south of Lake Nona.

Tavistock cannot provide more details at this stage about the types of homes that will be built or builder opportunities, Tavistock spokeswoman Karlee Kunkle told Orlando Business Journal. Jennifer Walden, district manager for the Poitras East Community Development District, could not be reached for comment.

Final vote coming up
The homes will be built on roughly 45 acres west of Narcoosee Road, north of Boggy Creek Road and south of Laureate Boulevard, according to the documents. The proposed homes were recommended for approval by the southeast town design review committee, an advisory board for the Orlando City Council. The proposal will be up for final approval at the March 16 City Council meeting.
 

Tavistock in 2018 paid $63.9 million for more than 1,100 acres along Narcoossee and Boggy Creek roads in Orange and Osceola counties to become Poitras East. The development is planned to have nearly 3,000 homes and 100,000 square feet of commercial space. 

The property is an attractive area because of its proximity to Orlando International Airport and the growing number of businesses in the area, said Brad Parker, a land expert with Longwood-based Southern Realty Enterprises Inc., who isn't involved with the development. The success of nearby Lake Nona, also developed by Tavistock, elevates the project, he said. "There’s some real real estate value being associated with the Lake Nona name they’ve built versus just being an independent community. It elevates the price points of the homes and the quality of the community."

Meanwhile, Tavistock is the developer of the Lake Nona neighborhood north of Poitras. The 17-square-mile Lake Nona neighborhood is one of the the region's hottest markets with more than 11,000 residents, a growing cluster of businesses in the Lake Nona Town Center and the burgeoning 650-acre Medical City life sciences hub, which includes Nemours Children's Hospital, the VA Medical Center Orlando and the University of Central Florida medical school.

Orlando’s hot residential real estate market is seeing rising prices, growing sales and shrinking inventory. The overall median price of Orlando homes sold in January was $245,000, up 7.9% from the January 2019 median price of $227,000 and down 1.6% compared to the December 2019 median price of $249,000, according to a report by the Orlando Regional Realtor Association.

While prices have shot up since last year, inventory is down. The number of homes available for purchase in January, 7,030, is down 14.7% when compared to January 2019 and up 0.1% from last month.