Richland Communities continues to draw record-breaking sale prices for its Sugarloaf Mountain development in Minneola.
This week, the developer sold Whispering Winds at Sugarloaf Mountain, a 205-lot subdivision at the corner of Hancock Road and County Road 455, to Stanley Martin Homes for $26 million.
The project received city approval on July 2 for the preliminary plat, which means the Stanley Martin deal breaks down to nearly $127,000 per lot — before engineering. That’s even more than Lennar paid last year for its 800+ lots in Sugarloaf, which set the record for Lake County at $95,000 per entitled lot.
SMH Division President Rich Browning told GrowthSpotter the builder would introduce a higher-end, move-up product, at Whispering Winds, which will help offset the initial land investment.
“That market, since Lennar did their transaction with Richland, has continued to flourish,” Browning said. “Over the last year there’s been about 12% price appreciation within that market. And as more the commercial comes online there, we think it’s just going to continue to do well, and we’re very optimistic about it.”
SMH is actively selling in 15 communities throughout Central Florida, including six in Lake County, where the average sales prices start in the mid-$300s.
To offset the high land price in Sugarloaf, SMH will be introducing a new collection of upscale homes at price points starting in the $500s on the 45-foot lots. The larger floorplans with 3-car garages will go on 65-foot lots and will be priced in the $800s.
“One of the things that we’ve really focused on this year is getting into some of the prime locations within Central Florida,” Browning said. “Historically, we’ve focused on the first-time buyer segment. But this year, we have really shifted our focus on moving up the chain with the buyer profile. And obviously, that location in particular was of huge interest to us, given the phenomenal growth and sales pacing that’s happening within that Minneola submarket. And so this was one of those steps towards diversifying our product mix.”
He said Dream Finders Homes is already selling homes at that higher price point in Hills of Minneola, so there will be a buyer for the more expensive homes. SMH will offer many of the same floorplans it currently uses but will enhance the exterior elevations and materials.
“And for that market, we’ll also be adding some additional plans in the 3,000 to 4,000-square-foot range, as well. And then from an interior standpoint, we’ll certainly be taking it a step up with our interior finishes and included features,” Browning added.
With the higher price point, SMH may even sacrifice a few lots to expand the amenity site, which is a little over a half acre.
“We are having some discussions, but nothing’s decided yet,” he said. “We might end up being able to drop a lot or two to do a more expansive amenity. Obviously, there are some pretty nice amenities in that submarket, but most certainly, at a minimum, (we’ll do) a pool, cabana and tot lot.”
SMH will continue working with Poulos & Bennett to engineer the construction plans and hopes to break ground a year from now.
Whispering Winds is one of two new subdivisions the firm designed for Richland along Hancock Road, which is now being extended north from Del Webb Minneola to C.R. 455.
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Just south of Whispering Winds is Pine Ridge at Sugarloaf Mountain, which also was approved on July 2 for 178 homesites. Pine Ridge will have 15.87 acres of open space, including a neighborhood park, stormwater ponds and a water treatment plant on Sugarloaf Mountain Road.
Richland acquired the 1,420-acre Sugarloaf Mountain project in 2015 and then won approval for a Planned Unit Development (PUD) that divides the community into three phases, with construction starting from the south and working its way north. The development program allows 2,434 homes and 120,000 square feet of commercial uses. It also requires the owner to reserve at least 15 acres for a future school site and provide land for a future fire station, or build a fire station in exchange for impact fee credits.
Sugarloaf is one of several master-planned communities Richland has in development or in permitting in Lake County. The company also owns Minneola Ridge and recently expanded its holdings in Sorrento’s Hillcrest PUD, which received unanimous approval last week from the Lake County Board of Commissioners.
Richland originally applied for the land use and PUD zoning in 2022. VP Matt Young said that getting a 5-0 vote for the 1,725-home community took a team effort from the developer, the board, planning staff and other government agencies.
“We worked well with the Friends of Wekiva to try to best resolve their concerns and issues, as well as the Audubon Society,” he said. “I think that ultimately is what the Board of County Commissioners heard in our final hearing, leading to the vote in favor of the project.”
The availability of utilities will be a factor in determining when the Hillcrest project develops.
Another large Richland master-planned community in the Wolf Branch Innovation District near Mount Dora is slated to go to Lake County Planning & Zoning Board in September.
Richland also has significant land holdings in the Wellness Way area and in Groveland.