A lakefront site by Clermont’s Victory Pointe Park has drawn the attention of three developers who have submitted bids in response to the city’s solicitation of the property.
Sitting on the southern shores of Lake Minneola, the acre site sits north of where West Avenue turns into Osceola Street, just west of the Lilly’s On The Lake restaurant.
The city closed its deadline to submit bids Thursday after inviting developers to submit their proposals in November as part of its $22 million downtown-waterfront master plan, meant to revamp the area into a walkable, popular urban core.
The Request for Proposals asks interested parties to write down what they’re willing to pay for the property, their qualifications and plans for the site. Bidders may either choose to purchase the property or maintain and operate the city-owned land through a ground lease.
Full proposals are sealed from public view for 30 days after closing, but public records obtained by GrowthSpotter show the parties vying for a chance to redevelop the land include Victory Coast LLC, Peacock Capital LLC and VP Development Enterprises LLC.
Ken Polsinelli of Winter Park-based Peacock Capital LLC said he envisions developing a 24-unit multifamily project on the site.
He founded the company in 2016 and previously served as an executive for national multifamily owner-operator McKinley.
Since launching Peacock Capital, Polsinelli has grown its portfolio up to about a dozen apartment communities throughout Florida and one in Dallas, Texas.
“There’s aren’t a lot of choices right now in downtown [in regards to rentable living spaces],” Polsinelli said. “What we’re doing is introducing a small-scale development that will add about 24 people, if you assume one person per bedroom... that’s people actively participating in the community and serving as a catalyst for local businesses.”
Units are targeted at households making between $40,000 to $60,000 a year, he adds. Peacock Capital intends to manage the apartment project.
Patrick Bianchi of VP Development Enterprises LLC told GrowthSpotter he intends to develop a mixed-use project, but declined to give further explanation other than the development would serve as a “destination” site.
Bianchi is a real estate investor, developer and broker at Engel & Völkers who’s active in the area.
He’s a manager at companies that own at least five buildings in Clermont’s downtown, including the Montrose Street Market, the local Engel & Voelkers office and an upcoming retail market called the Downtown Exchange.
“If anyone can align the vision of the master plan it would be us,” he said.
Attorney Jimmy Crawford, representing Victory Coast LLC, did not return multiple calls and emails requesting comment.
Clermont’s downtown master plan was established in 2015 and calls for the introduction of new office, retail, residential and entertainment development to accommodate the needs of local businesses, visitors and residents.
The site up for grabs has frontage of South Lake Trail and sits across from the Clermont Historic Village Museum.
City spokesperson Kathryn Deen said the city anticipates the evaluation process to take about a month. After that, the proposals will go to a council workshop. No date has been set yet, to determine which applicant is chosen.
Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.