Lennar Homes and Moss Park Properties will team up to build 2,752 new homes in an area being annexed by the City of Orlando.
The property is nearly 1,300 acres just south of the Beachline Expressway, between State Road 417 and where Dowden Road currently ends. The property is close to 20 miles away from the city's center, but Orlando Mayor Buddy Dyer says it is perfect for annexation into the city, because of its proximity to Lake Nona, Orlando's southernmost neighborhood.
"We're protecting the investment we've made in the Medical City and the Lake Nona area."
One of the other big benefits will be the completion of Innovation Way. The road will connect Alafaya Trail with Lake Nona without having to take toll roads. Both Mayor Dyer and the Commissioner for that district, Jim Grey, agree that the desire to build so many homes is a good sign for the area economy.
"It's certainly an indication that the economy has come back," said Dyer.
"I think clearly the residential piece of the economy is improving," Grey added.
Part of the appeal for Mayor Dyer is getting homes closer to the cluster of businesses in Lake Nona known as Medical City.
"What's important about developing housing in that area is that the jobs are going to continue to grow. That's the biggest growth area of our city in terms of both jobs, and eventually residential, so we want houses that are approximate to all of those thousands of jobs that are being created."
The project also includes more than 1.3 million square feet of office and commercial space.