Orlando-based Hanover Capital Partners paid $8 million last week for the first phase of Edgewater West, a sprawling master-planned community in St. Cloud approved for over 3,600 homes east of Lake Tohopekaliga.
Hanover Co-President Matt Orosz told GrowthSpotter the deal is a joint venture between the family-run company, which will keep half of the 400 lots for its Trinity Family Builders division, and Dream Finders Homes.
“They actually brought the deal to Hanover for land banking, and then it ended up being a great fit for Trinity Builders, as well,” Orosz said. “So it was really kind of a perfect fit for all three parties.”
The neighborhood is the first of eight phases in Edgewater West, a sister community to Crossprairie, formerly known as Edgewater East. Both are being developed by BTI Partners, which has renamed the west community Toho Trace. BTI has attracted a variety of homebuilders to Crossprairie: Lennar, Jones Homes, Beazer Homes, K. Hovnanian Homes, David Weekley Homes, Starlight Homes, Meritage Homes and M/I Homes.
BTI Partners CEO Noah Breakstone told GrowthSpotter the company is extending Toho Shores Drive west from Brookwater at Crossprairie (ED-3), which is currently under development by Starlight Homes, to the Hanover parcel. The road should be completed in the second quarter of 2027. A boat lift, which will provide Toho Trace residents with boating access to Lake Tohopekaliga, is scheduled for delivery in 2029.
WMG Development is starting construction this year on Heritage at Crossprairie, the 95-acre urban center that will have a mix of apartments, hotels and retail uses.
“Crossprairie has done well, and I think this is just a natural progression of what’s happened out there,” Orosz said. “And the access to the (Florida’s) Turnpike just makes it a natural fit for where we see the growth going.”
The neighborhood is divided into two subphases, and Orosz said Hanover will commence horizontal construction this month. Vertical construction should be underway this time next year, with model openings in the third quarter of 2027.
The neighborhood will comprise four lot sizes: 22-foot rear-load townhomes, 34-foot bungalows, and 40- and 50-foot front-load lots. Trinity will design a new product line for the townhomes and bungalows.
In Phase 1A, Dream Finders will build 56 townhomes, 25 50-foot and 32 60-foot lots. Trinity will build 23 bungalows, 59 50-foot lots and eight 60-foot lots.
“It ends up being pretty much a 50:50 mix, but the phases are different,” Orosz said. “DreamFinders has the townhomes in phase one, and then we have the majority of townhomes in phase two.”
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