Orlando developer Khaled Hussein and frequent partner Park Square Homes are teaming up to take on two more residential projects in Lake County.
Hussein told GrowthSpotter the partners have deals in place for subdivisions in Tavares and Fruitland Park, which will have a combined 860 lots.
Park Square has sold out of its inventory at Serenoa and now has active sales in Mount Dora and Mascotte. The homebuilder has worked with Hussein on multiple projects in Orange and Osceola counties.
In Fruitland Park, they have a purchase contract for roughly 150 acres of former citrus groves owned by members of the Holloway family at Thomas Avenue and MLK Jr. Boulevard. Hussein is working with BESH-Halff engineering to design the subdivision with all detached homes on 50-foot, 60-foot and 70-foot lots.
“We’re in the process of entitlements now for about 530 lots,” Hussein said. “The job already had a Planned Unit Development zoning. We just have to fit our site plan within the PUD.”
In Tavares, the developers are under contract to buy the remaining 100 acres adjacent to the ShantiNiketan retirement community, just southwest of the Publix-anchored Tavares Crossroads shopping center.
Iggy Ignatius, the founder of ShantiNiketan, had planned an international retirement village with some 800 condos, where each neighborhood would cater to a specific culture. He completed about 50 condo townhomes and a restaurant/cultural center for the Indian section, but the project stalled.
Hussein said they like the Lane Park location because of the proximity to shopping and to local attractions like Lake Harris and the Mission Inn. The entrance off Camp Road is just ⅓ mile from a public boat ramp. The property also was appealing because it’s already graded and has some infrastructure work completed. But the buyers are looking to design a traditional residential subdivision, separate from the ShantiNiketan community, that would have a mix of about 330 townhomes and detached homes.
“We’re working on the site plan now,” he said. “We’ll have a separate entrance and spine road.”
Dan Tatro with Grizzard Commercial represents the sellers in both deals. The Tavares deal is scheduled to close later this summer.
“The timing was perfect for this,” Hussein said. “There’s a lot of demand in the area right now. We’re putting a lot of energy between Fruitland Park and Tavares.”