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Miami developer enters Central Florida market, plans apartments in Leesburg

The 47.5-acre site sits between North Silver Lake Road and U.S. 441.
The 47.5-acre site sits between North Silver Lake Road and U.S. 441. (Cushman & Wakefield)

Miami real estate firm Alcazar Development Group just bought more than 45 acres of vacant land in Leesburg with plans to build a new multifamily community.

The two-parcel site sits east of Shady Acres Road, between North Silver Lake Road and U.S. 441. Lake County records show ADG paid $1.74 million for the 47.5-acres that includes a 27-acre lake.

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ADG financed the deal with a $674,000 loan from Coral Gables-based Professional Bank.

The first phase of Tara Oaks will bring more than 300 new homes to the pasture lands on the outskirts of Leesburg.

According to the company’s website, the developer intends to build a 256-unit multifamily community called Silver Lake Villas.

The project would be ADG’s first project outside of Miami-Dade County, where it’s developing apartment projects in the Downtown Miami Health District and the Naranja neighborhood in southwest Miami-Dade County.

Representatives at the firm were not immediately available to comment.

Mike Donaldson and Nick Meoli with the Cushman & Wakefield Southeast Multifamily Advisory Group had the listing. The brokers represented the selling entity, Belle Rive Ventures LLC, which is led by Orlando-based property investor Eric Coe.

Belle Rive Ventures purchased the site in 2017 for $275,000. The property is about a mile west of the Leesburg International Airport.

Nearby, homebuilders D.R. Horton, Meritage Homes and Orlando-based Avex Homes are buying into a planned 569-lot residential subdivision called Lake Denham Estates. Construction of the community, located across from Lake Harris on U.S. 27, is underway.

In November, GrowthSpotter reported of plans by a Colorado homebuilding giant Richmond American Homes to break ground on a 97-lot community between the Lake Harris Conservation Area and the Sleepy Hollow Sports Complex, southeast of U.S. Highway 441.

Clearwater-based CG Land Investments LLC is also prepping about 74 acres between County Road 44 and Radio Road, north of Silver Lake, for a 224-lot subdivision.

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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