Winter Park-based PAC Land Development is zeroing in on an opportunity to build a mixed-use project next to the billion-dollar O-Town West community in Orange County’s fast-growing tourist corridor.
The real estate company was recently listed as the developer for a 55-acre tract of land within the Sand Lake Groves Planned Development, located along Palm Parkway and abutting the southeastern shore of Big Sand Lake.
An application submitted in Orange County shows the developer and property owner JM Reserve LLC, led by Jim Gissy, an executive vice president of Westgate Resorts, seek to reduce the amount of timeshare entitlements on property and increase the assigned amount of residences.
The conversion allows for 10,000 square feet of commercial development, up to about 1,400 timeshare units and approximately 260 townhomes on the 55 acres.
Erika Hughes with VHB is the civil engineer. The applicants are scheduled to discuss the request at an Orange County Technical Review Group meeting next week.
In all, the 140-acre Sand Lake Groves PD, allows for a wide-range of uses including hotel and conventional center hotel use, timeshare use, multifamily use and industrial use.
The Altman Companies built the 315-unit Altis At Sand Lake apartment complex within the PD in 2016. Canada investment company Starlight Investments paid $63 million for the development about a year later.
Records show Se’Belle Smith Dymmek owns another roughly 30 acres of developable land that can feature 400 hotel rooms and 86,700 square feet of commercial space.
Apart from his role in Westgate, Gissy is a major land owner in Central Florida and early investor of First Green Bank. He and developer Jim Karr often work together on real estate deals and developments. The partners are in the midst of planning new commercial project in downtown Windermere.
Attempts to reach Gissy and PAC president and CEO, Tom Cavanaugh, were unsuccessful.
PAC Land Development is the developer behind the 108-acre Oviedo on the Park mixed-use community anchored by the $70 million Strand apartments and city amphitheater. The project features more than 700 residences and over 45,000 square feet of retail and office space.
The developer has also built luxury apartment communities in Melbourne and Naples.
Plans consists of combining over 1,500 residential units with retail, dining and office space across four sub-districts: Village at O-Town West, The Crossings at O-Town West, the Town Center at O-Town West and the Boardwalk at O-Town West.
Publix, Crunch Fitness, White Castle, World of Beer and Portillos are just some of the retailers announced to open locations at O-Town West. The large mixed-use project is slated to be complete by the fourth quarter of this year, according to recent reports.