Developer purchases 143.5 acres in St. Cloud for $4.65 million

ST. CLOUD, Fla. (Dec. 8, 2020) – Avex Stephens North, LLC, has purchased 143.5 acres of land at 17th Street between Budinger Avenue and Canoe Creek Road in the fast-growing Central Florida submarket of St. Cloud for $4.65 million.

The buyer is a special-purpose entity formed by Orlando-based developer Avex Homes, which plans to build 365 dwelling units – including single-family homes, townhomes and multifamily apartments – and 50,000 square feet of commercial space on the site.

David Calcanis, Ken Krasnow and Brooke Berkowitz of Colliers International represented the seller, Stevens Plantation Improvement Project Dependent Special District, which is under the stewardship of the city of St. Cloud.

“It was the vision of the City to have this development be a true mixed-use site, with all residential and commercial components included,” said Calcanis, Executive Managing Director of Land Services at Colliers International. “Avex Homes worked hard to develop a mixed-use site plan prior to the sale that will benefit the community well into the future.”

The site is located 26 miles southeast of Orlando, in Osceola County, where the primary industry is tourism. In addition, Osceola County and neighboring Orange County comprise an emerging technology and startup hub, with a labor pool of more than 1.2 million people. St. Cloud has 92% total employment, a 75% homeownership rate, 2% population growth and a wealth index of 70.

“St. Cloud is undergoing transformational change, with significant new development and rapid
population growth,” Calcanis said. “The city offers a unique atmosphere for people and
businesses to grow and prosper.”

Avex Homes will break ground on the development in the next nine to 12 months. The site plan includes residential neighborhoods, commercial space along Canoe Creek Road and Budinger Avenue, and approximately 51 acres of conservation areas and open space.

“Avex Homes is proud to partner with the city of St. Cloud to bring a high-quality, mixed-use community to the core of the city,” said Eric Marks, President of Avex Homes. “The unique history and characteristics of this property made acquisition and entitlement of the land challenging and will be instrumental in creating a fantastic place for residents of St. Cloud to live, learn, work and play.”

About Colliers International:

Colliers International (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment.