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South Carolina-based company buys into mixed-use development site along U.S. Highway 27 in Clermont

A site plan for the commercial center and apartment community along U.S. Highway 27 in Clermont.
A site plan for the commercial center and apartment community along U.S. Highway 27 in Clermont.(Equity Investment Services)

Turbeville, South Carolina-based Sunbelt Investments LLC just paid $3.65 million for a lot within the planned Shoppes at Hammock Ridge development in Clermont.

The commercial center is part of LCA Development and Realty’s mixed-use project next to its 280-unit Vineyards and Hammock Ridge apartment community, which it completed in 2015.

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The Orlando-based company prepped more than 20 acres on Hammock Ridge Road and U.S. Hwy. 27, with entitlements to build up to 150 apartment units and more than 88,600 square feet of retail and office space.

The multifamily portion is designated to rise on about 10 acres of vacant land behind the commercial/retail portion of the development, but progress on the multifamily portion may lag. The city imposed a moratorium on new multifamily development last year in September that was set to expire in March, but is expected to be extended for another 90 days.

The moratorium was established as a response to an influx permit applications for apartment complexes last year.

A year ago, the city was talking about adding density bonuses to encourage affordable housing. Now Clermont has a 6-month moratorium on all new multifamily development.

Nick Barbato and Eric Portnoy with Equity Investment Services are handling sales on the retail and office component.

According to marketing material released by the company, Shoppes at Hammock Ridge features leasing or ground lease opportunities for buildings between 1,200 square feet and 15,000 square feet.

Tenants already signed on include auto repair shop Action Gator Tire and fast-food chain Chick-fil-A.

Property records show Chick-fil-A entered into a ground lease with landlord Shoppes at Hammock Ridge Crossings LLC in 2018. The fast food restaurant was completed last year.

Property records show Sunbelt Investments LLC purchased Lot 2, where Action Gator Tire is currently under construction.

Executives at LCA Development and Realty were not immediately available to comment.

According to its website, the company is a family-owned and operated real estate investor that develops both single-family and multi-family residential projects, as well as shopping centers, build-to-suit single-tenant buildings, ground leases and in-line retail stores.

In Central Florida, LCA specifically targets submarkets in Clermont, Minneola and the Four Corners area, in addition to submarkets in eastern Orlando and the northern I-4 corridor.

In recent years, development activity has picked up in Clermont. The city is undergoing a $22 million downtown-waterfront master redevelopment plan that’s meant to revamp the area into a walkable, urban core.

The Kovatch family, who also own the Fifty West office building project, is a partner in a 60,000-square-foot retail center called Heritage Square. The project is located nearby Shoppes at Hammock Ridge, and will be anchored by craft distillery Heritage Distilling Co.

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.

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