As part of the buildout of the Lake Highland area of Orlando, a developer has a plan to add three residences by replacing a home that has been part of the community since 1926.
The home and surrounding property, at 835 Cathcart Terrace, are under contract with offers still being entertained. The property has an asking price of $485,000, according to real estate records.
The parcel consists of five contiguous lots totaling a half acre. Plans call for three homes to be built, and the existing 1,882-square-foot residence to be torn down, in a project expected to cost $2 million.
The project is an example of how difficult it is becoming to find easily developable parcels in the core downtown Orlando market, one real estate agent said, who asked not to be named.
The land is owned by Ballew Enterprises LLC of Winter Park, with building contractor Jeffrey Ballew listed as the registered agent. The proposed buyer is developer Patrick Knight of Maitland-based Knight Family Keys LLC.
Knight's project is slated to go before Orlando's Planning Board on Nov. 17 to address replat and grading requests.
Construction is hoped to begin in May. Madden Moorhead & Glunt of Maitland is the civil engineer.
Lake Highland is a predominately residential area in downtown Orlando that has been around for more than 75 years. It is home to Lake Highland Preparatory School, a 26-acre private school that was founded in 1970, and is the largest private school in Orlando.