X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WINTER GARDEN, FL-In the first new construction in 18 years at the revitalized Village Grove community here, Greveco Development of Venezuela has broken ground on a 31-unit townhome project whose first eight-unit phase is already 100% pre-sold for $1 million at average per unit prices of $121,000. The development is off Park Avenue on Lime Road.

This is Greveco’s first project in the US. The company is developing the project for Crea Enterprises Inc., a local firm with strong South American business ties, area brokers tell GlobeSt.com. Winter Garden is six miles west of Downtown Orlando and is considered by brokers, consultants and developers as one of the fastest-developing submarkets in Central Florida.

Locally based Vance Realty Group is marketing the undertaking. Prices currently range from $109,900 to $133,000 but broker Barbara Killian anticipates a price increase based on “overwhelming response to the project’s first building.”

Killian says she has “a long waiting list of interested buyers that include first-timers and young, single professionals.” Three different two-bedroom and three-bedroom plans offering 1,000 sf to 1,600 sf of living area are available.

Killian says “right now, the only thing interrupting the project’s sales momentum has been a shortage of concrete, which has put much of the area’s new home construction on hold.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.