UPDATED: MARCH 4, 2019 5:50 PM — Winter Park-based Condev Companies is wrapping up the final permitting and design stage as it goes to market for the View at Park Avenue luxury townhouse project.
The 1.4-acre site is tucked between New York Avenue and Park Avenue, overlooking the municipal golf course. It was the longtime home of First Church of Christ Scientist, which sold the property for $5 million and is now building a new church immediately to the south on land it retained.
It's right next door to Hill Gray Seven's Park Lane, where units sold in the mid-$3 million range.
Condev has spent nearly two years and over $500,000 to position the site for sale. The predevelopment costs include full construction plans for 16 luxury townhomes by ACi Architecture which are expected to sell for $2 million-plus each. The company recently engaged Holliday Fenoglio Fowler, L.P. to market the property.
"They added a ton of value to the property," HFF Director Anthony Frogameni said. "They've really prepped it to the point where a buyer could immediately put shovel to ground."
He said the firm's Winter Park office launched the marketing campaign to select buyers this week, but the brokerage is getting interest from prospective buyers who don't typically operate in the residential arena.
"This isn't your typical townhouse project," Frogameni said. "It's got a lot of cache to it."
The Spanish Mediterranean style was inspired by some of Winter Park's landmark buildings, such as the Alfond Inn and Rollins College, and by the city's historic lakefront estates.
Each 3-story townhouse will have a private elevator and two-car garage. The homes would share a central pedestrian walkway with fountains, planters and a garden trellis overhead.
Rather than build row homes, the site plan calls for eight fee-simple duplexes to maximize the amount of natural light and outdoor living space in each unit. The floorplans feature bedrooms on the the first floor, kitchen and living space on the second floor and a third-floor master suite with balcony.
Condev is hoping to fetch at least $7 million based on comparable sales in the desirable Park Avenue neighborhood.
"The best comp is right next door," Frogameni said. "They bought the dirt for those units at about $500,000 per unit. We'll take offers and the market will tell us the right price."
Editor's Note: This story has been updated with revised pricing information.