A New York-based real estate investment company is taking a second stab at preparing a vacant 41 acres near Clermont for development, a step in its positioning of the property for sale.
Dubbed "East Clermont Village," the land along S.R. 50 that's now earmarked for future office could be rezoned for a denser urban use -- including retail and multifamily.
Oak Properties LLC — an affiliate of The Feil Organization, a privately-owned investment and development group — owns the land at the northeast corner of S.R. 50 and C.R. 455 in unincorporated Lake County.
The company has held the asset since 1991, when it paid $767,300.
An attempt to develop two bank branches and inline retail was made in 2003, according to Lake County building permits, but did not materialize.
Since then surrounding developments have come out of the ground, such as the Publix-anchored East Towne Center to the immediate south. Car dealership Toyota of Clermont lies to the property's east, the luxury community of Bella Collina is to its north, and Clermont city limits to the south.
The company's president and CEO Jeff Feil -- via his agent, attorney Jimmy D. Crawford -- is requesting of Lake County's Planning and Zoning Board a Comprehensive Plan amendment and change of the Future Land Use category from Regional Office to Urban High Density, which allows a maximum density of four dwelling units per net acre.
They also want to rezone the land from Agriculture to Planned Unit Development.
A traffic impact study and the zoning application indicate a development interest in retail-commercial on the S.R. 50 side and multifamily on the north end.
Maximum development densities could allow up to 296 apartments (24.67 acres at maximum 12 units/acre) and up to 400,000 square feet of retail (18.75 acres).
Jay Anderson, executive vice president of The Feil Organization, declined to comment on Wednesday, and the remainder of the executive team could not be reached for comment.
The Planning and Zoning staff have recommended approval, according to a staff report. The item is on the consent agenda for approval by Planning and Zoning at its June 26 meeting, and the Board of County Commissioners that same day.
The Feil Organization also owns a 2,900-acre lakefront property in Polk County that is currently under contract to a buyer pursuing approvals to develop a golf resort.