A newly announced development in Central Florida is poised to add nearly 1,000 starter homes.
Osprey Creek is an incoming master-planned community in unincorporated Polk County, roughly 35 miles southwest of Orlando. The 336-acre project will include more than 900 lots, according to a press release.
California-based homebuilder Brookfield Residential partnered with financier Trez Capital in Canada to form Osprey Creek LP, which bought the land for $20.77 million from Orlando-based Structure Development in a deal that closed in April, according to a deed filed with Polk County.
Polk and its largest city, Lakeland, have seen rapid growth in the post-pandemic years as the midpoint between Orlando and Tampa Bay. Census data shows that over half of Polk’s 284,333 residents work outside the county.
"By leveraging our operational strengths and market knowledge, we are positioned to deliver vibrant, impactful communities that cater to the growing demand for affordable housing options in the region,” Brookfield president and CEO Adrian Foley said in a statement.
Brookfield partnered last year with South Florida-based Kolter Group to expand its offerings in the Southeast.
Target market is first-time home buyers
The new community of single-family houses will have “an emphasis on affordability for first-time buyers,” the release said.
Trevor Hall, a veteran land broker in the region with international brokerage Colliers (which is unaffiliated with this project), said the location would likely allow for home prices that were lower than those in the nearby major metropolitan areas.
“The seems to be a real long-term play at affordable prices,” Hall said.
The median single-family home price in Orlando is $506,900, while Polk's median was $320,000 in April, according to Homes.com research.
"Polk County continues to offer more affordable options for prospective homebuyers than its neighbors," said Michelle Rumore, CoStar and Homes.com's market analyst for the Tampa Bay region, which includes Polk. "With its central location along the I-4 Corridor, residents can find more affordable housing options while potentially commuting into Orlando or Tampa for work."