Based on the projected sales prices of the homes alone, area brokers estimate the aggregate build-out value of the venture after 10 years will be about $1.2 billion. The homes will sell for $180,000 to $500,000-plus, according to ABD's early marketing projections. ABD has sold about 700 lots at undisclosed prices to national builders such as Greater Construction Co., Lennar, US Homes and Inland Homes.
The project would be the largest of its kind in northeast Polk County where developer David Kohn was able to buy the acreage several years ago at $150,000 per acre or about 34 cents per sf, Polk County industrial brokers working with Kohn tell GlobeSt.com.
Land prices in that area have shot up at least 20% since then, land brokers familiar with the submarket tell GlobeSt.com. Along with the $30-million price tag for the dirt, Kohn is spending another $30 million on roads and utilities to support the development.
The site is dotted with citrus trees in this unincorporated town, which currently includes mobile homes, a rural general store, gas stations and an elementary school. The Loughman post office occupies a portable building. ABD also plans to donate a site to the new community for a new school.
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