UPDATED: March 19, 2018 2:17 PM — For years, the city of Eustis has had Sharp's Mobile Home park in downtown in its crosshairs for redevelopment. But residents of the unsightly mobile home community with a spectacular lake view balked at the loss of their homes.
Now the mobile home park is on its way out, as a group of local investors created Eustis Lake Club Development Co. and made a deal to purchase the park and two other adjacent parcels at the corner of Bay Street and Lakeshore Drive, summing 11.5 acres of lakefront land for redevelopment.
The sale is expected to be completed at the end of April, with early conceptual plans to revitalize the property with 86 single-family bungalow homes with a Key West flair and four floorplans, said Lanny Husebo of WJ Capital, LLC, lead investor in the venture.
Located next to the city's signature Ferran Park, Husebo said it's the first residential development in downtown Eustis in 75 years. Full buildout is expected to take three to five years, which includes paying mobile home residents to relocate, restoring the land to greenspace status, raising its elevation and mitigating drainage issues.
WJ Capital is managed primarily by Wendell and Jacqueline Husebo, a mother-son team that bought the historic Iron Block apartment building on Bay Street in 2016.
The city of Eustis is helping the developers with the purchase by awarding $3.3 million in CRA funds as the project hits completion guidelines. No formal development or demolition plans have been filed yet with the city.
Jacob P. Smith Building Company, which has built in Eustis and Mount Dora, will serve as general contractor and Jass & Associates as architect. The builder is also investing in the development with the Husebos, with the two companies now seeking a third equity partner.
Parcel pre-sells are scheduled to begin in May by Jacqueline Husebo, a registered real estate broker. The group is working now on design of facades and floor plans, she said.