An affiliate of Brazilian builder Davila Custom Homes and South American partners paid $1.145 million last week for 8.88 lakefront acres in the tourism corridor, with plans ahead for up to 80 high-end condominium apartments, a Brazilian architect soon to be chosen and a Miami-based brokerage pegged for presales.
GrowthSpotterfirst reported on June 15 that Davila had the land under contract, which lies southwest of SeaWorld on Lake Willis at 11302 and 11314 Westwood Blvd. The deed was signed July 12, and recorded with Orange County on Tuesday.
"We're moving forward now with the project, it will be 70 to 80 units, and we'll now go into rezoning, and start working on construction documents for development there," developer T.J. Davila said Tuesday.
The developer will finance via equity raises from Davila and investment partners from South America, and will attempt to pre-sell units. Davila said he's in final negotiations with Chris Brooks Realty out of Miami to market the property, a Brazilian-American brokerage which opened a retail store location in Orlando in February.
On the architecture front, Davila said his group has focused on two Brazilian architecture firms it should choose from soon, though declined to name them. Davila Homes will serve as general contractor on the project.
The homes will feature a "very modern Miami and South American design," and be priced near $300,000 unfurnished, Davila said.
He declined to offer a projected investment cost through buildout for the development, but estimated $22 million to $25 million in gross revenue after sales complete.
A Planned Development rezoning will come first, which would go through three stages of Orange County approval before Davila could then file a Development Plan.
Construction height on the parcels will be limited by the Lake Willis Neighborhood Overlay District to 20 feet (one story) within 100 feet of the southern boundary of their two contiguous parcels. Two-story units could be built on a portion of the site, but not all.
They'll also have to hold one or more community meetings with area residents, file a new CAD (Conservation Area Determination), and reach a school impact agreement with Orange County Public Schools.
The property was sold by Orlando-based River Business Corp., formed by Brazilian real estate investors Jose and Marjacy Oliveira, who now live in Houston. The couple paid $903,700 for the two parcels in 2011.
The land lies in a burgeoning multi-family corridor where more than 1,000 apartments are currently in various phases of pre-construction and construction, between four other projects.