Riding on the success of Citrus Tower Park's medical office space, a Clermont-based development group is planning to convert the last seven acres of the Lost Lake Reserve Tract at John's Lake Road and Citrus Tower Boulevard into 56,000 more square feet of office.
"We should have executed contracts on both Pad D (5,200 SF) and Pad G (20,000 SF) this week," Paul Rountree, a community banker and entrepreneur involved with the development, told GrowthSpotter on Thursday.
Rountree cited a "ton" of requests for leased high-end medical office space that spurred plans to include a two-story, 20,000-square-foot Class A medical office building in the mix on the parcel, a category lacking in the area.
The parcel is about 1,000 feet east of U.S. 27 and not far from South Lake Hospital. It is one of the last remaining parcels in the entire PUD, said Rountree, a manager with the development group on its recent application with the St. Johns River Water Management District, as well as the city permit.
Rountree said the land should be purchased soon from Latimer T. Wilson, president of Lost Lake Reserve, with plans by his group to break ground in September.
"We are running hard, there is tons of interest and there is pretty heavy demand," he said. "We hope to have it done by the new year."
Clermont-based Schmid Construction will construct the buildings, said Rountree, who expects the contractor will start taking bids on various parts of the project soon. Knight Engineering, Inc. of Clermont is civil engineer on the project.
Have a tip about Central Florida development? Contact me at firstname.lastname@example.org or 352-455-1955. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.