Pulte Affiliate Plans Venture With Estimated $283M Build-Out Value

Brokers base their build-out value estimate on a projected average retail price of at least $200,000 per home. "The final build-out value could be much higher," a south Orlando broker who may be participating in the sale of the units, tells GlobeSt.com.

DiVosta Homes of Palm Beach Gardens, a subsidiary of Bloomfield Hills, MI-based Pulte Homes Inc., purchased 490 acres in the 7,000-acre Lake Nona development for the 1,416-home project. DiVosta paid Lake Nona Land Co. $34 million, or $69,388 per acre ($1.59 per sf), for the dirt, according to Orange County real estate records. The waterfront property is off Narcoosee Road (County Road 15), south of Lake Nona Estates and Lake Nona.

Village Walk will have a village center and about 15,000 sf of community-use space. The community will be built along inter-connecting canals, a design DiVosta has successfully used in comparable South Florida projects, according to brokers familiar with the developer's track record.

Lake Nona Land Co. is a subsidiary of locally based Tavistock Group Co. whose CEO is Rasesh Thakkar and chief principal is Joseph Lewis, a 67-year-old, reclusive British industrialist with real estate holdings and other assets valued at about $1.6 billion, according to Forbes magazine's annual rankings of the world's richest individuals.