Orlando-based Liberty Investment Properties is signing onto Randall Greene’s 65-acre mixed-use development site surrounding Boo Boo Lake in Orlando’s tourism corridor.
Greene told GrowthSpotter the local real estate firm is under contract to purchase about two acres of land just south of the future Sand Lake Vista Drive roadway and west of Turkey Lake Road to make room for a new four-story hotel development.
Plans call for a 122-room WoodSpring Suites hotel called the Woodspring Suites at Sand Lake Vista. The brand, franchised by Choice Hotels, is an extended-stay traveling option.
BRR Architecture is the architect. Attorney Randi Fitzgerald of Lowndes is providing legal counsel, and Matthew Gillespie of Kimley-Horn is the civil engineer.
CBRE’s James Mitchell is representing the seller and Andy Hawkins from Foundry Commercial is representing Liberty in the transaction.
The privately-held real estate firm developed a similar project in Sanford at 2727 South Orlando Drive. It’s currently constructing storage facilities in downtown Orlando and near the Mall at Millenia.
Greene of DCS Investment Holdings has been working to entitle and sell off portions of the 65-acre property on Big Sand Lake for the past several years.
In October, affiliates of DCS sold another portion of its assemblage to Winter Park-based Nuvo Development for $1.9 million. Plans for that 1.9-acre lot call for a five-story Extra Space Storage building with about 120,000 square feet of space.
That same month, the largest parcel within Greene’s portfolio, sold to an affiliate of Mid-America Apartment Communities for about $6.25 million. The nearly 14-acre site, just east of Big Sand Lake, is prepped to feature more than 280 luxury apartments.
A 7-Eleven gas station and convenience store is also in the works as part of Greene’s 65-acre mixed-use project. Other retail and dining outlets are poised to occupy several one-acre lots fronting Turkey Lake Road, as well.
Development activity has been picking up around the area. Just last week, Michigan M. Shapiro Real Estate Group submitted plans for a new 376-unit multifamily community at 10900 Turkey Lake Road.
The filings are taking place around the same time Unicorp is developing its O-Town West mixed-use project on roughly 200 acres around the Palm Parkway and Daryl Carter Parkway intersection, nearby.
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.
In a previous interview with GrowthSpotter, Unicorp Chairman and CEO Chuck Whittall said the company plans to break ground on the residential and retail components of the project this year in 2020.
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