BTI Partners sold Meritage Homes, Jones Homes, and M/I Homes a total of 108 acres within its Crossprairie master-planned community in south Orlando’s East Lake Toho district. The transaction, which consisted of three separate deals, totaled $16.55 million, with a combined total of 568 lots.
The home builders will build townhomes, bungalows, and single-family homes in what will be Crossprairie’s phase one. Meritage Homes will develop 50 acres, which it acquired for $8.25 million. Jones Homes will develop 21 acres, which it acquired for $3.7 million. M/I Homes will develop 37 acres, which it acquired for $4.6 million. The home builders will develop three sections of the first subdivision planned for phase one, with four more sections available.
“The quality of home builders that Crossprairie has been able to attract continues to support the growing tailwinds of demand for new housing in this market area,” says Noah Breakstone, CEO at BTI Partners. “Crossprairie is a short drive to strong employment centers such as Neo City and Lake Nona. Families are looking to move here not only to buy homes at attainable prices but also to cut down on their daily commute as people head back to the office. We are actually getting more calls from home builders looking to buy land at Crossprairie than what we can supply.”
BTI Partners acquired Crossprairie, formerly known as Edgewater, in 2019. The site consists of about 1,400 acres to be developed in the next four years. As the master developer, BTI Partners is building the site’s infrastructure, including roads, sidewalks, lighting, and sewer mains. In fact, the company expects to complete the construction of the main road traversing Crossprairie in spring 2022.
Located 25 minutes from Orlando International Airport and about 30 minutes from downtown Orlando, Crossprairie is part of the East of Lake Toho conceptual master plan area, which is slated to offer 50,000 new homes.
Crossprairie is approved for 5,200 homes, townhomes, and apartments. After these three transactions, BTI Partners still has 504 lots available for sale in phase one, which has a total of 1,072 lots. Development of phase two will commence in 2022.
The development will offer an array of amenities for residents, including bike lanes, linear parks running the length of Crossprairie Parkway, green spaces, and nature preserves all linked by an extensive hiking and pedestrian trail system.
Once a new turnpike interchange to serve the area is completed in 2026, BTI Partners will begin construction of the urban center in the northern portion of the community. The urban center will be home to 1 million square feet of commercial space, 1.9 million square feet of office space, and 600 hotel rooms.
