Hanover Capital Partners closes on Alligator Lake property for $7.75M

Orlando-based Hanover Capital Partners paid $7.75 million last week to acquire the bulk of land for its planned St. Cloud-area boating community, Hanover Lakes.

Hanover has had the land under contract from seller Henry C. Yates since beginning the permitting process two years ago. The 178-acre community formerly known as Vista Lakes is east of St. Cloud, at the southeast corner of Hickory Tree and Alligator Lake roads.

The 558-home community would be built in five phases, with the first phase to include 93 homes, as well as a 45-acre internal lake, a connected 4.3-acre lake with a boat lift providing direct access to Alligator Lake. The plan also includes boat ramps to both the internal lake and to Alligator Lake.

Osceola County approved the site development plan in August, with the exception of the boat lift.

Hanover Vice President Steve Orosz told GrowthSpotter the company is awaiting final approval from the U.S. Army Corps of Engineers for the boat lift and dredge. The South Florida Water Management District issued a dewatering permit in September for the developer to pump groundwater to fill the internal lake.

Orosz said Hanover intends to start construction in January and hopes to deliver the first lots by mid-2017. The community would consist of "move-up" and executive homes on 50- and 60-foot lots. Also included in Phase 1 would be a 2.5-acre recreation area with a resort-style pool and cabana, playground, sand volleyball court and boat ramp to the internal lake.

The family sold its homebuilding division, Royal Oak Homes, to AV Homes in 2014. Orosz said Hanover has not selected a builder yet for Hanover Lakes, and hasn't decided whether to work with multiple builders.

"We'll just have to see how the market reacts," he said.

Askey Hughey is the civil engineer.

At 3,406 acres, Alligator Lake is the largest of five lakes that make up the chain of lakes that also includes Lake Lizzie with 792 acres, Coon Lake with 148 acres, Trout Lake with 273 acres and Lake Gentry with 410 acres.  

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407)420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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