Fresh off the full pre-sale of eight luxury brownstone townhomes in downtown Winter Park that netted roughly $12 million, an affiliate of Phil Kean Design Group paid $2.1 million on Oct. 27 for 0.67 acres just one block west, with plans for 11 more units inspired by New York City's classic Brownstones.
"We went ahead and bought this property because we've seen such strong demand for high-end empty-nester, common-wall townhomes now," Grosberg told GrowthSpotter. "It's a fee simple project where the owner is not obligated to pay condominium fees, but has the benefits of shared space and an urban environment."
Phil Kean Real Estate previously paid $1.8 million for less than an acre across two parcels at the northwest corner of Morse and Virginia Avenue, which has since been subdivided into eight lots for the eight units marketed as "The Morse & Virginia Brownstones."
Those pre-sales netted roughly $12 million, Grosberg said, and are now under construction. The three-story townhomes range in size from 3,000 square feet to 4,300 square feet, with private elevators and parking garages in each and individual rooftop terraces.
The new property, three blocks west of Park Avenue at 652 W. Morse Blvd., is being prepped for 11 brownstones ranging in size from 2,500 square feet to 4,000 square feet, with a combination of two- and three-story units, eight of which will feature three-car garages.
The project has passed through Winter Park's planning and zoning process with a variance and design approval, with permitting still ahead and pre-sale efforts to follow, Grosberg said.
Winter Park Engineering, a division of Phil Kean Design, is civil engineer on both projects, while divisions of Phil Kean Design are also providing interior and exterior architecture work, and general contracting.
Grosberg and Farmer's affiliate LLC acquired a $1.697 million loan from American Momentum Bank to finance part of the Oct. 27 acquisition.