Investment group pays $5.2M for mixed-use site close to NeoCity

An investment group led by Orlando broker David Salanitro has closed on a 66-acre parcel near NeoCity after having it under contract for two years.

Orteka Partners LLC paid $5.2 million for the "Ivy Lakes" site on Fortune Road, just east of the Florida's Turnpike. The seller was Ivey Groves, a family-run investment group. 

"Some deals just take time," Salanitro told GrowthSpotter. "We had a great relationship with the seller group. We're fully in play now."

The property is currently zoned for medium density residential use, but Salanitro said he and partners feel it has strong mixed-use potential because of the proximity to NeoCity and Osceola Heritage Park, and easy access to the Turnpike.

"My partners' greatest interest is in identifying the right partner and purchaser who has the capability to acquire the full asset with an attractive mixed-use vision," he said. 

They're looking for a buyer, or possible joint venture partner, with "the development experience and financial capability to move the project forward."

The zoning would allow for apartments, townhomes and other types of attached housing product. Salanitro said he's also courting charter schools and neighborhood commercial uses, including retail and restaurants, offices and recreational/sports facilities. 

"Some of the folks we've spoken to have an existing presence in the Tampa market with a hockey complex," Salanitro said.

They would entertain options for affordable housing on the site, as well.

The broker said he has had "productive meetings" with city officials, but hasn't filed a preliminary site plan identifying specific uses or lot configuration because he wants to keep a clean slate for future developers.

The Ivy Lakes property is a mile from the gateway entrance to NeoCity. Because it's in the city limits, the site is exempt from strict development guidelines in Osceola County's E192 CRA district.

Orteka Partners' registration traces to Icelandic-born investors Franz Jezurski and Pall Magnusson, who both live in Orlando now.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407)420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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