A New Jersey-based developer that owns the Marriott Grande Pines Golf Course south of SeaWorld expects to close sales to apartment and home builders on 200-plus acres of property within the next few months, as county approval nears on plans for the land, the company's president told GrowthSpotter.
Ridgewood Real Estate Partners plans to sell most or all of the eight parcels totaling 206.76 acres off S. International Drive, which it acquired in February 2014 for about $24 million through local affiliate AG-RW Grande Pines.
Ridgewood will sell a 107.43-acre portion of the development that's planned for 436 single-family homes and townhouses to one residential construction group, and will sell three parcels planned for multi-family developments to three different apartment builders, said Jonathan S. Grebow, company president.
"We have two deals moving forward now with multi-family builders," Grebow said. "All three are under contract, and two are out of due diligence."
Three land parcels bordering Westwood Boulevard are destined for apartment developments, and should feature 282 units, 180 units and 315 units, or 777 overall, Grebow said. Those parcels for multi-family projects are going through the Development Plan (DP) approval process with Orange County.
They're progressing on a parallel path in the county's planning approval process from Ridgewood's 107.43 acres for single-family, which will face final Preliminary Subdivision Plan (PSP) approval in the coming weeks at the county's Board of County Commissioners.
That PSP was recommended for approval Wednesday by the county's Development Review Committee. It calls for 436 single-family homes and townhouses on 107.43 acres over three phases, with the first phase building 157 homes on 55.5 net developable acres. After BCC's final approval on the PSP, Ridgewood can submit construction plans.
Four commercial out-parcels fronting International Drive that total 7.38 acres will also be sold or land-leased to retail developers, along with another commercial parcel of roughly seven acres with I-Drive frontage.
Development of the entire 200-plus acres of residential and commercial could near $200 million after build-out, Grebow said.
He expects Ridgewood to become more active in promoting its commercial parcels for retail sale or lease now that it's in the home-stretch of county approval for the PSP. CBRE's Bobby Palta is the listing commercial broker for that property.
Grebow said ground could break for site work and utilities for the first phase of the single family development portion in the third quarter of 2016. A general contractor may be sought as early as the first quarter of next year.