An investment group led by Park Square Homes CEO Suresh Gupta sold a 49-acre site in Clermont to the neighboring property owner for $2.5 million.
“We’re going to take the money and look for a 1031 exchange opportunity,” Gupta said.
GG Assets LLC paid $750,000 for the property back in 2012. Gupta had intended for Park Square Homes to develop a community there called Camden Park North, but the project was delayed. “There were some challenges with the water and sewer connections,” Gupta said.
Gupta and his partners led the property through permitting last year, earning approval for a 148-home subdivision. But he told GrowthSpotter he and his partners decided to cash out and take the profits when the buyer, Sheldon Rubin, offered a quick closing. The South Florida developer owns an assemblage of five parcels totaling 203 acres immediately south of the proposed Camden Park North subdivision and has been operating a sand mine on the land.
The Orlando-based homebuilder launched three subdivisions in the U.S. 27 corridor last year. Now it's adding a fourth in Clermont.
By Jerry Stockfisch
Aug 22, 2019 | 12:27 PM
The property is just north of fast-growing Cagan Crossings, which is also adding new single-family homes and more apartments. Pinecrest Academy, a new K-8 charter school, opened in 2019 just across Highway 27.
Park Square Homes has had success on the U.S. 27 corridor in both Lake and Polk counties, and Gupta said they haven’t ruled out buying the site back once the utility issues have been resolved. “We have a deal with Mr. Rubin where we can buy it back within 13 months at a higher price,” he said.