Located at 14405 Hartzog Road at the intersection with Avalon Road, the 37.8 acres across multiple parcels are owned by an affiliate of Connecticut-based Westport Capital Partners, which has been an investment partner with BTI on local real estate in the past.
BTI is now vetting zoning and development options on the property for its highest and best use, with their inclination early on to build off the success they've had renovating short-term rental condominiums directly west at the 878-unit The Grove Resort & Spa.
This would be the developer's first venture into single-family home product. BTI held an informal pre-app meeting last week with Orange County planners, and filed a conceptual site plan on Friday in advance of a multi-department pre-app meeting to be set in August.
"We're very preliminary at this time in researching our options, and are trying to understand the county's expectations out there near Horizon West," Director of Development Kevin Mays told GrowthSpotter. "We tried to learn the zoning components last week, and the next meeting we'll look at planning and development components. Then in September we'd take all that info and determine the best step forward."
The initial concept plan depicts approximately 202 attached townhomes that would be treated as vacation rentals, a density that falls below what the site's Planned Development zoning can offer. The units would have clustered parking to the side or rear, placing the front of most units flush against internal roads or green spaces.
Approximately 2 acres would be reserved on the Avalon Road frontage as a commercial outparcel.
Mays said the vacation rental model is attractive in part because of the synergies available for housekeeping and management from The Grove across the street. Other development options for the site, including standard townhomes for sale, could emerge in the coming month.
BTI has finished renovating two thirds of its vacation condo units at The Grove, with 585 of 878 now open for rental and work on the final 293 to start in September, Mays said.
The company also owns 100 acres in Polk County's Posner Park, where it has no active development plans at this time.