Standard Pacific Homes has paid $8.5 million for 402 acres in Ocoee, one of the largest chunks of raw land to trade hands in Central Florida this year.
Beazer Homes sold the property, which is slated to become Arden Park, a planned community with 925 homes, including both single-family and multifamily units.
Beazer had paid $29 million for the property in 2005, records show.
“We have been aware of that piece for quite awhile,” said David Pelletz, Southeast regional president for Standard Pacific. “The opportunity came together quite quickly.”
Standard Pacific, a 50-year-old company that started in Southern California, has undertaken 16 new-home subdivisions in Florida and 60 elsewhere in the country so far this year, the company said. Pelletz said the Ocoee purchase was self-financed and is the company’s largest in Florida in recent years.
Earlier this year, Starwood Capital Group purchased 500 acres in the Horizon West development southwest of Ocoee in unincorporated west Orange County. That land sold for $29 million – less than half the price it had sold for five years earlier.
The Arden Park site, Pelletz said, was appealing to Standard Pacific because it includes lakes and conservation areas, it’s close to the Western Beltway, and it’s in an area where large tracts of undeveloped land are relatively scarce.
The property, at Clarke and Clarcona-Ocoee roads, already has the necessary zoning and land-use approvals from the city of Ocoee, Pelletz said.
Geared toward move-up buyers, the initial phase of 150 homes will be built on the southern portion of the site, featuring lot widths ranging from 55 to 85 feet. Those homes are expected to be completed by early 2013.
Multifamily units are being considered for latter phases.
