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Developer clears Winter Park land along Lake Killarney for new luxury homes

Developer clears Winter Park land along Lake Killarney for new luxury homes
Lake Killarney Shores of Winter Park consists of nine lakefront lots and a variety of 21 additional homesites. (Colony Realty Group, Inc.)

Thirty luxury homes are underway in Winter Park as part of a new custom-home community called Lake Killarney Shores.

Dreamed up by developer Anil Deshpande, the community includes 30 parcels with roughly 50-foot-wide lots that straddle Country Club Drive on the southwest corner of the Lee Road and Orange Avenue intersection.

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The infill project replaces a heap of aging duplexes with new residential homes, some of which are demanding million-dollar price tags.

Of the 30 parcels, nine sit on the shores of Lake Killarney. Constructed home prices start in the $700,000’s, with lakefront homes expected to fetch close to $2 million.
Of the 30 parcels, nine sit on the shores of Lake Killarney. Constructed home prices start in the $700,000’s, with lakefront homes expected to fetch close to $2 million. (Colony Realty Group, Inc.)

Currently five custom homes are underway and an additional five are being prepped for permitting. The first home to be built is expected to be complete by mid summer.

Sales were recently launched with Tom Lightsey and John and Carol Lazenby of Colony Realty Group.

Prices start at $225,000 for interior lots and $500,000 for lakefront lots. Constructed home prices start in the $700,000's, with lakefront homes expected to fetch close to $2 million, John Lazenby said.

The projected build-out value is $40 million.

Deshpande began assembling the 5.65-acre lakefront site about two years ago. Since then, he and his team at Deshpande Inc. have invested a little more than $7 million acquiring the land and enhancing its infrastructure.

About a quarter of a mile's worth of infrastructure on Country Club Drive and Ellen Drive needed to be improved as part of the project, including replacing an old septic system with sanitary sewer lines and adding cable and natural gas.

John Lazenby said the natural gas allows buyers to choose between gas appliances like gas stoves, fire places or outdoor grills. The property will also include a private boat ramp for homeowners within the community.

Of the 30 parcels, nine sit on the shores of Lake Killarney. Residents have the option to choose one of three pre-approved homebuilders to custom design homes: Native Homes, Lazarus Development Group and Classic Homes.

The developer scored approvals from Winter Park city officials about a year ago.

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The Lake Killarney Shores of Winter Park project joins a list of new developments underway or proposed on the 230-acre lake.

Just to the west of the community, Icon Residential is in the midst of completing Mondrian Winter Park, a new luxury townhome development.

To the south, Golden Corral franchisee Eric Holm is partnering up with Adam Wonus of Atrium Management Company to bring a new five-story, 140,000-square-foot hotel with 120 to 140 rooms, called the Henderson Hotel.

Deshpande is an Indian-American who co-founded the Orlando building firm, Park Square Homes with Braham Aggarwal and Suresh Gupta in 1984. He later sold his interest in the company in 2004.

John Lazenby said he and the Colony Realty team have worked with Deshpande on several projects in the past, such as the Estates of Phillips Landing, another custom-home lakefront community in southwest Orlando.

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 FacebookTwitter and LinkedIn.

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