UPDATED: December 22, 2015 10:32 AM — After nearly 20 years and more than $3.1 million spent assembling four acres on Winter Park's Minnesota Avenue, Sydgan Corporation is planning a mixed-use development that will feature affordable housing for sale and lease, developer Dan Bellows told GrowthSpotter.
East of Clay Street and west of Harold Avenue lie seven contiguous parcels that Bellows began acquiring in 1998, most occupied by single-story warehouse buildings that are 40 years old or more. The final two, totaling 0.58 acres, were purchased on Dec. 10 for $750,000 from an affiliate of Elizabeth C. Pate.
Bellows sees the growth of Florida Hospital near Ivanhoe Village a few miles to the south as the catalyst for his development centered around affordable housing.
"Workforce housing is something Winter Park really wants to push," he said. "A lot of the housing Florida Hospital has spearheaded there has been geared toward renters. We're planning an owner-occupied town home product that would be affordable to the nurses, paramedics and staff associated with the hospital."
The development would also have some commercial-retail and market rate multi-family rental development, Bellows added.
Because the parcels are zoned for dense industrial use, the assemblage is basically entitled already for the future uses desired.
"We've met with the city of Winter Park, and are now working to potentially vacate a portion of Cherry Street to give this (assemblage) a clear four-acre slate," he said. "We'll add pedestrian amenities to Clay Street and Minnesota Avenue, and invest in new infrastructure there first, like electric and storm water."
As developer, Sydgan has bought the land, is working up conceptual drawings for the proposal and will eventually serve as general contractor, build, lease and manage the property.
Madden, Moorhead & Glunt will likely be hired in the coming year as civil engineer, Bellows said. A town home builder has yet to be chosen for the Clay and Minnesota land, he added.
Sydgan also own 73 acres at the intersection of Lee Road and Highway 17-92, where it continues the slow boil development of Ravaudage with 1.3 million square feet of commercial, 630 residential units, 320 hotel rooms and open park space.
Editor's Note: This story was updated the morning of Dec. 22 to remove reference to David Weekley Homes as potential town home builder for the Clay and Minnesota land.