Gramercy Farms - SOLD

Osceola County – 299 acres

Overview

Gramercy Farms Located within the City of St. Cloud in Osceola County, Florida 2.5 miles south of US 441-192 and 3 miles east of the Florida Turnpike. Narcoossee Road serves as the primary north south corridor, which provides access to Orlando’s nearby Burnham Regional Medical City Complex.

The community is zoned PD and is approved for 977 units of which 709 are single-family and 268 are townhomes. All master approvals are in place including zoning, ERP water management permits and City of St. Cloud Construction Permits.

LREA is managing the development and construction of the community. To date, all master improvements in Phases 1-3 are complete, including over 190 lots that have been delivered to KB Homes, a community park, completion of a regional pump station, off-site improvements and construction of the main boulevard.

KB Homes is currently active in Phases 1 & 3. Phase 4, which consists of 107 partially constructed 60’ lots, is available for purchase. Permitting is complete and final construction plans have been approved by the City of St. Cloud. In addition, LREA has opportunities for builders in future phases of the project.

The community is subject to the Gramercy Farms Community Development District assessments. Bondholders have restructured the CDD debt to reflect current market conditions.