Orlando-based developer Intram Investments paid $2.3 million on June 3 for the last piece of undeveloped commercial land in Dr. Phillips fronting W. Sand Lake Road, an asset it plans to sit on for the foreseeable future.
Located at 7212 W. Sand Lake Road, the 4.68-acre site (3.94 acres upland) is an oddly-shaped one that mostly wraps around the rear of a few retail and small office buildings, southwest of the intersection with Turkey Lake Road, albeit with access to both roads.
"We think this is well-located, but have no immediate plans for it, we'll just sit and evaluate what goes on with the market," executive vice president Randy Hodge told GrowthSpotter. "It's entitled for pretty dense development, well more than anyone would ever build there. It just depends on how high you want to go."
Hodge estimated the property's best and highest use may be a tower, similar to the 10-story Sand Lake IV office building directly to its west at 7380 W. Sand Lake Road that's owned by an affiliate of Great Point Investors out of Boston.
Intram's new property has a cell tower on its southeast corner that remains independently owned. The property wraps around separately-owned McDonald's and Bank of America outlets, a two-story medical office building and a three-story BB&T-anchored office building.
The seller was Heartwood 91, LLC, an affiliate of BBX Capital.
The land also lies directly north of the 35.6-acre Goza LLC property, owned by European investors, but is not contiguous to it due to a county water retention parcel in between.
That Goza property may be developed in the future as a second phase of high-value lakefront residential, following buildout on 85 developable acres to the south, which has portions under contract to three developers for 760 total residential units.