A planning and design firm is slated to bring nearly 200 new homes to Orlando.
Charlotte-based LandDesign Inc., which operates a local office, on June 2 filed an application with Orange County for the development of 188 townhomes on Boggy Creek Road, near southeast Orlando’s popular Lake Nona master-planned community. If approved, the homes would pop up on land owned by one of the region’s biggest employers, hospital system operator AdventHealth.
LandDesign and AdventHealth are the only firms listed in the application, which propose townhomes, roadways and open spaces on a 20.6-acre site. It is part of a larger 115-acre parcel Altamonte Springs-based AdventHealth bought in 2008 for $33.2 million, according to Orange County Property Appraiser records. The construction timeline and home prices are unknown. LandDesign and AdventHealth executives could not be reached for comment. However, the 32824 ZIP code the property is in is Orange County’s fourth-most-popular among homebuyers, according to the Orlando Regional Realtor Association. There were 85 existing home sales in the ZIP code in April. The average sales price of $337,299 is below Orange County’s average sales price of $402,307.
A popular spot for townhomes
The proposed project site is just outside the boundaries of Lake Nona, Orlando’s best-selling master-planned community.
Townhomes are a more affordable way to get into the pricey Lake Nona area, Peter Luu, a Premier Sotheby’s International Realty agent who specializes in Lake Nona, previously told OBJ. For example, Central Florida’s median townhome/duplex sales price is $255,000. That is cheaper than Orlando’s median single-family home price of $326,000 and the Lake Nona area’s average home price of $659,954, according to the Realtor association.
Townhomes in the Lake Nona area appeal to a wide range of buyers, according to Luu. They include young families, investors, seniors moving from the Northeast to be closer to their families, hospital employees who can’t afford a detached home, and parents of University of Central Florida medical students who use them to house their kids and rent out the extra bedrooms. Residential construction contributes to the local economy because it creates job and subcontractor opportunities. Plus, it creates much-needed homes since Central Florida’s existing home inventory is at a 20-year-low. While the construction industry faces rising costs and shrinking availability of materials, local homebuilders bounced back from the Covid-19 pandemic in a big way. The value of residential construction started in April in Orlando was $692 million, up 80% from April 2020, according to Hamilton, New Jersey-based Dodge Data & Analytics.