South Florida-based American Land Development paid $17 million last week for a subdivision with approved plans for over 700 homes and a commercial marina on the Alligator Chain of Lakes.
Lake Gentry Landings, a 248-acre boating community, was first approved in 2015 and then sat on a shelf for years. It’s in a fast-growing corridor on Canoe Creek Road, directly across from the first phase of Green Island Ranch. Mattamy Homes had it under contract last year but ended up walking away from the deal.
Osceola County has approved the preliminary subdivision plan for a 719-home neighborhood built around a 24-acre internal pond with a marina and boat lift providing access to Lake Gentry. Pedestrian bridges over the pond would be added enhance the walkability features for the neighborhood.
ALD, led by Robert “Bob” Zlatkiss, already has a presence in the area. In 2021 he assembled 365 acres acres just west of Canoe Creek Road and had it rezoned to mixed-use. He purchased the acreage last year for just under $7 million after securing approvals for a concept plan and preliminary subdivision plan to develop a multi-phase community with up to 760 homes.
Zlatkiss is awaiting final approval now for the Site Development Plan for the project, called Canoe Creek Reserve.
He told GrowthSpotter he’ll be filing an SDP for Lake Gentry Lands soon and hopes to permits for both projects within a couple of months. He sees both projects running on parallel tracks despite the close proximity and has been in discussions with multiple homebuilders.
“It seems like a good up and coming area,” he said. “It just seems like a lot of people are moving to Florida.”
Construction on the first neighborhood in Green Island Ranch is also scheduled to begin this summer. The neighborhood on Canoe Creek Road is approved for 847 homes, including 213 townhomes, along with a Neighborhood Center with up to 21,000 square feet of non-residential uses. The primary entrance will align with the Lake Gentry Landings.
The seller was Orlando investor Sam Oswald, who bought it with the entitlements in 2015 for just under $3.4 million. Daryl Carter, president of Maury L. Carter & Associates, represents Oswald, who he describes as a close family friend. He said Oswald’s patience will pay off when Mattamy closes on Lake Gentry Landings.
He said the project was a slam dunk because it has lake frontage, road frontage and a good location. Plus it already had water service when Oswald bought it. “It was kind of like green bananas. We knew it was going to turn yellow,” Carter said.
Zlatkiss has assembled properties throughout Central Florida for residential and industrial projects. He was an early investor in Osceola’s East Narcoossee area, having assembled the land for Highland Homes’ Siena Reserve on Jones Road.
“I have always had a fondness for Osceola County,” he said in a 2022 interview. “It has blessed my family. My dad has his first Black Angus (steakhouse) on Vine Street in the 1970s. My heart and soul is in Osceola.”
In 2021, he purchased the 97-acre Poinciana Industrial Park and struck a deal with Ryan Companies to build a big-box logistics warehouse in the first phase. On March 1, his engineer held a pre-application meeting with Osceola County’s Development Review Committee to discuss plans to build two more warehouses totaling 462,400 square feet on the southern 56 acres of the property.
Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407) 420-6261, or tweet me at @byLauraKinsler. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.
