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Olympus developer scores major land acquisition for sports-themed community in Clermont

Rendering of an outdoor stadium with tennis court in Olympus, an upcoming 250-acre sports-themed community in Clermont.
Rendering of an outdoor stadium with tennis court in Olympus, an upcoming 250-acre sports-themed community in Clermont. (Courtesy Photo)

After scoring approvals from Clermont City Council in May, developer Olympus Sports & Entertainment Group is hurdling ahead with its massive sports and wellness-themed community along Schofield and Bradshaw roads.

Just last week, the developer footed a roughly $12.2 million bill for 243 acres of vacant land where it has been master-planning a community envisioned to weave together a mix of multifamily and townhome units, more than 1,000 hotel rooms, about 860,000 square feet of retail and office space, and nine sport and civic venues equipped for showcasing a variety of traditional and non-traditional sport matches like those seen within the emerging online video game “esport” industry.

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The deal comes after an entitlement process that took about a year and a half to formulate with city officials and its previous ownership. The land, a former citrus grove, was sold by an entity led by members of the Clonts family, which have been operating a number of agriculture and farming businesses throughout Central Florida for years.

Daryl Carter and John Evans of Maury L. Carter & Associates represented the sellers. Broker Jim Dowd represented Olympus Sports & Entertainment Group.

Plans for Olympus call for up to 1,312 hotel rooms; 805 townhomes; 614 apartment units; 155,642 square feet of office space; 360,358 square feet of retail space and 345,283 square feet of medical office space
Plans for Olympus call for up to 1,312 hotel rooms; 805 townhomes; 614 apartment units; 155,642 square feet of office space; 360,358 square feet of retail space and 345,283 square feet of medical office space (Olympus Sports & Entertainment Group)

Olympus principal Mike Carroll, Jr. told GrowthSpotter the company is actively recruiting partners to own and operate businesses within its Olympus project.

He said he hopes to work with “cutting-edge” establishments in the sports medicine, wellness and fitness industries, such as healthcare systems, academic institutions, orthopedic physicians and sports performance coaches. Carroll adds the project also presents an opportunity to partner with global sport brands and celebrity athletes and coaches.

Plans for Olympus call for up to 1,312 hotel rooms; 805 townhomes; 614 apartment units; 155,642 square feet of office space; 360,358 square feet of retail space and 345,283 square feet of medical office space that will feature spa services and holistic programs as well as centers that provide orthopedic injury diagnosis, rehabilitation services and physiology, nutrition and conditioning programs.

An economic and fiscal impact analysis conducted by Fishkind & Associates determined the project would have a taxable value of $1.5 billion at build out. The study also shows Olympus has the capacity to create 6,950 jobs and a labor income of about $248 million.

The project is designed to be built out in five phases. A roughly 5,000-seat arena will anchor the project as part of the final phase.

“It will be an iconic building,” Carroll said of the arena. "It’ll have the capacity to house concerts and sports like ice hockey.”

The developer said he expects to start infrastructure construction by the first quarter of 2020.

“In the next several months, we plan to start making announcements on a range of things including architect, sports endorsements, businesses partners that want to own and operate a venue and tech partnerships,” Carroll said.

Property records show Olympus Sports & Entertainment Group financed the acquisition with a $9.15 million loan from Orlando-based Trilogy Finance LLC.

The area already has a reputation as a practice spot for champion athletes. For years, Olympic athletes have gravitated to South Lake Hospital’s National Training Center. Athletes with south Lake ties won a total of 10 medals at the Summer Games in Rio de Janeiro in 2016.

Just south of the property, Hanover Family Builders is developing a single-family home community on about 150 acres of land. Plans call for more than 600 home lots. The developer closed on the first phase of the project in December and is under contract to close on the second phase next year.

Maury L. Carter & Associates is marketing some additional 220 acres adjacent to that property and Olympus, just east of Lake Louisa State Park.

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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 Facebook, Twitter and LinkedIn.

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