Port St. Lucie to See 4,000 New Homes
Despite a prolonged South Florida housing market, 4,000 new homes will be going up west of I-95 on land that started the city’s westward expansion long before Tradition or PGA Village became household names.
New owners of the storied LTC Ranch, whose development roots date to 1992 and a developer’s plans for 10,000 homes there, told planners they plan to build an active community where the golf cart, not the car, is king.
Centex Homes unveiled plans for Phase 1 of the 2,068-acre project at a planning and zoning board meeting Tuesday, with a proposed 55,000 square foot clubhouse with such features as a ballroom dance floor and spa, a fitness center and possibly a small community theater.
Kenneth DeLaTorre, of Centex, estimated about 2,800 of the 4,000 homes and townhomes on the property west of Glades Cut-Off Road will be restricted to people over 55, a fact that pleased a school district official who sits on the planning board as a non-voting member.
Despite LTC’s early entry into the world of western development in Port St. Lucie, in St. Lucie County, plans for the mixed-use development never got off the ground except for a small industrial park.
A contract dispute waylaid plans for homes in 2003, as nearby landowners such as Core Communities, PGA and G.L. Homes announced dreams of building their own mega-communities on vast tracts of farmland west of I-95.
With the court battle settled and Centex paying $110 million for the land last year, developers said they are eager to break ground next spring despite the slumping Florida housing market.
“We think we’ll have a unique product to offer the active adult who wants to be surrounded by nature,” DeLaTorre said. “There’s a lot of lakes and wetlands, and we’re going to use that as an attraction.”
Three-fourths of the 4,000 homes will be single-family homes, with others townhouses and owner-occupied apartments.
No price range has been set, but DeLaTorre said value will be a key factor in attracting Florida mortgage applicants in a lackluster market.
Previous owners secured the right to build up to 4,000 homes, 2 million square feet of industrial space and 725,000 square feet of retail space.
Centex is seeking some changes to the non-residential figures and will present its overall plan for the tract of land this summer.
The Florida real estate developer also must donate 120 acres to the city and school district for a regional park and a school. The proposal will be discussed by the city council later this month.
SOURCE: Palm Beach Post
