A partnership between Hewitt Properties Commercial and C&R Land Development just submitted a site plan for a portion of land in Winter Garden’s Horizon West Village H that accommodates up to 284 multifamily units.
According to a Development Plan (DP) filed with the county, the partners are seeking approvals to develop an apartment complex consisting of four buildings, with some units featuring lake-views.
The 15.7-acre parcel, located south of Flamingo Crossings Boulevard at 10958 Avalon Road, is owned by Avalon Properties LTD., which is led by principals at Hewitt Properties and C&R Land Development.
Without naming a price or buyer, Thomas Hewitt, a managing member at Hewitt Properties, said the firm is under contract to sell the land to a “well-known” multifamily developer based out of Atlanta after procuring entitlements.
In a similar deal, Hewitt Properties sold off neighboring land to Lennar Corp. for a total of $18 million in three separate transactions between 2013 and 2015. The homebuilding giant is close to completing the new single-family community, Storey Grove, on the land.
The partnership paid $1.9 million for 270 upland acres in 1997. “When Horizon West got adopted we saw the potential for smart growth,” Hewitt said.
Set-backs, like the recession, kept the asset on the market longer than expected, Hewitt said. But the area is experiencing a surge of investment and growth.
Just last week, IMT Residential paid $73 million for a new 392-unit, 16-building apartment complex nearby at 895 Broadstone Way.
In an email response Hewitt said most landowners are asking $17,000 to $20,000 per unit at the DP approval stage of the process. Using that formula, the estimated value of the land would be in the $5 million range.
Hewitt’s property management and development firm also provides brokerages services. The firm also owns a 10-acre parcel nearby designated for retail development.
The pending DP application comes at a time when a wave of residential development is underway on the eastern edge of Village H, near S.R. 429. Including Lennar, other active developers in the area are D.R. Horton and K. Hovnanian Homes.
Winter Park-based developer Titan Properties is also working to entitle a parcel of land to develop up to 110 townhomes and 316 multifamily units in Horizon West. The developer is seeking approval of an Adequate Public Facilities Agreement before the Orange County’s Development Review Board this week.
Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.