Boca Raton-based Equity Investments LLC and Gentry Land Company have a homebuilder ready to close in June on 75-plus acres directly west of the new Florida Hospital Apopka that's slated to open this fall.
Named for now as "Vistas at Waters Edge," the 75.24-acre project was given final approval of its Development Plan and Plat on Wednesday night by Apopka's City Council.
Located at 2210 and 1950 S. Binion Road at the intersection with Harmon Road and east of Lake Apopka, the project features 143 single-family home lots that will range from 60 to 75 feet in width. An estimated 23 lots on the western side will have unrestricted waterfront views.
"We have a homebuilder under contract, but can't say who at this time. They'll be developing the property, and should close in June," Gentry president Reed Berlinsky told GrowthSpotter. "Its location next to the new hospital and adjacent access to the (S.R.) 429 and 414 intersection were key (attractions)."
Equity Investments paid $2.6 million for the land back in March 2016, buying on spec without a site plan or ensuring that the desired entitlements were available.
The property was formerly a fill dirt site for S.R. 429 construction, said Berlinsky, which contributed to some engineering challenges the team overcame in the past year.
The project will have 21.52 acres of recreation space, with a 1,720-square-foot clubhouse and swimming pool, picnic area and yoga lawn.
Equity Investments is led by former owners of Engle Homes, which was one of the largest single-family and townhome builder brands in Orlando before the 2008 economic recession. Engle went under after parent company TOUSA Inc. filed for Chapter 11 bankruptcy in January 2008.
Other recent developments by Equity Investments in the area have been focused in St. Cloud, where the company acquired 170 lots in the Oak Ridge Place townhome development that were sold to and are being built by A&M Homes. The group is also developing single-family projects Terra Vista (72 lots) and the Preserve at Turtle Creek in St. Cloud, also with A&M Homes.