CORPORATE RELEASE: D.R. Horton, the largest homebuilder by volume in the U.S., started its first phase of home development last month that is expected to deliver over 1,900 affordable homes to the Plant City, Fla. community with home prices ranging in the low $300s.
D.R Horton signed an exit-focused option agreement in 2019 with Walton to develop a portion of the approximately 1,000 acres of land in multiple phases. In July 2021, the national homebuilder closed on the first phase of the project with plans to advance the residential development in early 2022.
“We are excited to see this development get underway, which has been in the planning stages for several years,” said David Peter, executive vice president for Walton. “Together with D.R. Horton, we will bring new, affordably priced homes to this growing area between the Tampa and Orlando markets.”
The second phase of the project is expected to close in the first quarter of 2022. Over time, the Varrea masterplan will include additional multi-family and commercial components and is anticipated to consist of 9 compact and walkable neighborhoods when completed.
Varrea, located at the southwest corner of Charlie Taylor Rd. and E. Knights Griffin Rd., is just north of Interstate 4, the most traveled freeway in Florida. It is within a 15-minute drive to nearby Lakeland, a 25-minute drive to Tampa and a 60-minute drive to Orlando.
Plant City is in Hillsborough County, the fourth largest county in the state.