The president of one of Greater Orlando's largest multifamily developers paid $3.12 million on Thursday for a vacant lakefront lot in Maitland, more than doubling the buildable area of his current property on the other side of the city.
Located on Maitland's Manor Road off of N. Orlando Avenue, the 3.5-acre parcel has unique water frontage on both lakes Nina and Maitland, along with canal access. The property features a dock and boat lift, and could be developed with a gated estate or split into two or more lots, per the web listing.
The buyer was an investment vehicle for Salvador and Jacqueline Leccese. Sal is the president, founder and CEO of Altamonte Springs-based LeCesse Development Corp., a nationally recognized multifamily developer. He's also a civil engineering graduate of the University of Notre Dame and a licensed general contractor in Florida.
No new development or construction plans for the property have been filed with the city, as of Friday.
LeCesse's active multifamily projects locally include the 300-unit "Ecco on Orange" apartments at the Lucky's Corner development in downtown Orlando's SoDo District, and a 312-unit second phase of apartments at Jubilee Park east of Lee Vista, a joint venture with Famlee Investment Company.
The Lecceses currently live in another Maitland home on Lake Hope Drive, a single-story home on a 1.44-acre lot, built in 1972 with 2,600 square feet of conditioned area. The couple paid $165,000 there in 1994, and that property has yet to be listed for sale.
The seller was Sungate Trust I, which is managed by attorney J. Brock McClane and previously paid $2.25 million in 2011.
The settlor of that trust, sometimes referred to as the "trustor" who contributes property to the trust, is Edward E. Haddock, Jr., co-chairman and CEO of Full Sail University and a Winter Park attorney who has played a founding principal role in numerous companies and real estate developments.
Mick Night and John Pinel of Coldwell Banker Residential Real Estate-Winter Park served as listing agents on the property.