Integra Land Company has purchased property near Olympus at Wellness Way, where it intends to build another apartment complex.
Integra purchased the property from Coastal Ridge, an Ohio-based real estate developer, for $8.8 million. The sale was finalized on Feb. 22, according to the deed.
The Clermont City Council in January unanimously approved a rezoning request for the property, paving the way for Integra Groves, a multifamily community with 330 rental apartment homes in four-story buildings, the company’s president, David McDaniel, told GrowthSpotter.
The about 26-acre property sits next to a parcel owned by AdventHealth. Last year, Coastal Ridge bought a 49-acre property at the intersection of U.S. Highway 27 and Wellness Way across from Lake Louisa for $7.35 million from the Clont family.
In 2019, the City of Clermont annexed the land and approved a Comprehensive Plan Amendment that allows for 600 multifamily housing units and a maximum of 152,000 square feet for commercial use.
Jim Dowd, a broker who represented Coastal Ridge during the recent sale, said the developer had initially planned to build a build-to-rent community with some retail.
However, AdventHealth was interested in the land. So Coastal Ridge split the parcel and sold about half of it to AdventHealth for $5.5 million, and retained the remaining half until it sold to Integra late last month. Integra had already signed on as the property’s developer.
According to a City of Clermont ordinance, AdventHealth’s parcel is approved for up to 75,000 square feet of medical office space, up to 77,500 square feet of commercial retail and offices and the development of 270 multi-family housing units.
While Integra’s newest property is right outside of Olympus, Integra is already building in the sports and wellness-themed community. Integra Heights, which is currently under construction, will be a 289-unit apartment complex with four-story buildings. McDaniel said the complex will welcome its first occupants this summer.
As for Integra Groves? The company plans to go through its regular permitting and planning processes over the next six to eight months, McDaniel said. Construction is set to start toward the end of the year.
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