A nearly 800-acre property that city officials say is eligible for some Eustis impact-fee credits will soon be on the market.
Orlando commercial real estate attorney John K. Keating owns the undeveloped rural pastureland south of the former Pine Meadows Golf Course along State Route 44. The series of more than 20 parcels is mostly zoned single-family residential.
"There are three beautiful lakes on the property with around 1-3/4 miles of lake frontage," Keating said. "My preference is to sell all of the property but might consider subdividing and selling certain portions."
Three commercial parcels already have utilities and are ready for development, Keating said. They have frontage on State Route 44.
Four parcels with approximately 160 acres not yet in the city limits could be annexed and eligible for the city's impact-fee credit plan for water and sewer. Developers must apply for the incentives by April 30, 2020, and prior to receiving a building permit, according to city documents, and complete annexation within six months of applying for the incentives.
Keating said he would likely pursue annexation of the non-Eustis residential-zoned properties in the near future.
In 2015, city commissioners approved a $470,000 settlement with Keating, who had challenged a moratorium on residential development near County Road 44A and Estes Road; following residents' objections, he downsized the project but had been denied.
It takes approximately 3-4 months to voluntarily annex a property into the city, according to city officials.
The Pine Meadows Golf Course property just to the west of Keating's assemblage recently returned to the market after a sale fell through in late August. The 241-acre property listed at $3.75 million, $15,560.17 per acre. A potential site plan shows a possible 514 residential lots, with 430 single-family homes and 84 townhomes for a proposed density of 3.84 dwelling units per acre.
Keating in March earned approval from Clermont to build up to 125,000 square feet of mixed commercial and industrial flex space on Hancock Road.