Townhomes may rise five miles south of Lake Nona, a bustling job hub that is attracting residential development to the area.
That's because Park Square Enterprises LLC plans to build a 76-townhome community in St. Cloud, according to documents filed with the state. Development work is anticipated to begin in the second quarter of this year, with construction kicking off in first-quarter 2022, Park Square Vice President of Land Acquisition Kelly Thomas told Orlando Business Journal.
Orlando-based Park Square, Central Florida’s third-most-active homebuilder, would build the townhomes in one phase, according to documents. The townhomes will range in size from 1,500-2,000 square feet with three or four bedrooms, Thomas said. Prices will start in the mid-$200,000s. That would be cheaper than Osceola County's median home price of $289,995.
In addition to Park Square, Kissimmee-based civil engineering firm Hanson, Walter & Associates Inc. is involved with the development, according to the plans.
The 10-acre property is owned by Charles Newtown, Robert Newtown, Clifford H. Newton and Evelyn N. Schneider, according to Osceola County Property Appraiser records. Contact information for the owners could not be found.
The construction of new homes would be important locally because it creates jobs and subcontractor opportunities, and every home sale in the state has an estimated local economic impact of $77,858, according to a 2018 study by the National Association of Realtors. In addition, the housing market often is considered a reflection of the overall health of the local economy.
Plus, there is big demand for homes in Osceola County. There were 609 existing home sales there in November 2020, up 27.9% from 476 sales in November 2019, according to the Osceola County Association of Realtors. Meanwhile, prices jumped 12.4%, with the median November sales price of $289,995, up from $258,000 in the year-ago period.
Companies, homes head to Lake Nona
The community will provide cost-efficient housing for residents who want to live near the schools and amenities in and around Lake Nona, Thomas said. "We are particularly fond of the Narcoossee corridor and have several parcels under contract for both townhomes and single-family homes. This area continues to expand from Lake Nona into Osceola County."
The community is planned in a desirable area, just south of Tavistock Development Co. LLC’s Lake Nona. The 17-square-mile master-planned community has attracted the headquarters of companies like aviation training firm Simcom International Corp., and it may soon be the site of an air taxi vertiport that will generate 100 jobs. Also, OBJ first reported on Jan. 8 that The Walt Disney Co. and Tavistock are in talks to move some corporate divisions from California to Lake Nona.
The jobs generated at Lake Nona make the community, and the area around it, attractive for residential builders and developers, Colliers International Executive Managing Director Trevor Hall Jr. told OBJ.
“Lake Nona benefits because the employment is not leisure and hospitality. It’s corporate, defense, medical and educational. It’s not just jobs, but high-paying jobs.”