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Newly built homes in the Grande Lakes Resort community in Orlando sell for more than $2M

Single-family homes at Ritz-Carlton Residences Orlando span about 3,000 square feet.
Single-family homes at Ritz-Carlton Residences Orlando span about 3,000 square feet. (Ian Roth/Stockworth Realty Group)

Some of the first homes built within Chuck Whittall’s Ritz-Carlton Residences Orlando subdivision are fetching over $2 million.

What previously served as overflow parking for The Ritz-Carlton and J.W. Marriott hotels, is now shaping up to be an exclusive residential community accessible only through a few grand entryways into the Grande Lakes Orlando Resort.

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Nine modern, custom homes have been completed and are move-in ready, according to a news release. Property records show three contracts have closed for a little more than $6.9 million.

Single-family homes in the community feature a gourmet kitchen, a two-car garage and a private pool.
Single-family homes in the community feature a gourmet kitchen, a two-car garage and a private pool. (Ian Roth/Stockworth Realty Group)

Buyers include Indian River Transport Company President and CEO John Harned Jr., New York-based real estate investor Bradford Mott, and husband and wife Dr. Raj Gutta and surgeon Dr. Anita Saluja.

Each residence sold for about $2.3 million. Prices in the community typically range from $2.15 million to $2.83 million. Single-family homes in the community are about 3,000 square feet and include a gourmet kitchen, a two-car garage and a private pool.

Residents have access to resort amenities, such as the 18-hole Greg Norman-designed championship golf course and the Ritz-Carlton Spa. Residents also have access to a private clubhouse for the community with a full-time concierge that offers housekeeping services.

Stockworth Realty Group’s Julie Bettosini and Erin Wanner are handling sales. Jones Clayton Construction Inc. is the builder. Marc-Michaels Interior Design is the interior designer.

The 37-lot subdivision is Orlando’s first and only Ritz-Carlton-branded single-family community, born out of a licensing agreement between Unicorp National Developments Inc. and the luxury hospitality company.

Similarly, New York-based GFI Development Company is currently building 15 single-family waterfront home villas as part of The Ritz-Carlton Residences Miami Beach condo tower, completed in 2019 in the city’s Mid Beach neighborhood.

A company tied to Unicorp purchased the roughly 11-acre property in Orlando for $3 million in 2017 from Marriott International, which retained the property after selling a majority of the resort property to Blackstone in 2015.

The transaction set off the creation of Unicorp’s 37-lot Ritz-Carlton Residences Orlando subdivision, which sits within the 500-acre Grande Lakes Orlando Resort, located southwest of the Central Florida Parkway and John Young Parkway intersection.

Interiors for homes at the Ritz-Carlton Residences Orlando community are designed by Marc Michaels.
Interiors for homes at the Ritz-Carlton Residences Orlando community are designed by Marc Michaels. (Ian Roth/Stockworth Realty Group)

It consists of the 582-room Ritz-Carlton and 1,000-room JW Marriott hotels, which sold for about $900 million in late 2018 to a partnership between Trinity Real Estate Investments and Elliott Management Corporation.

The partners have since poured millions into updating rooms and expanding its amenities.

Earlier this year, The Ritz-Carlton Orlando, Grande Lakes completed a $30 million renovation that went into modernizing guest rooms, building a new luxury pool, and updating its Club Lounge.

Restaurants at the resort include the recently opened Knife & Spoon led by award-winning chef John Tesar, and PRIMO led by multiple-time James Beard award-winning chef Melissa Kelly.

Brokers at Stockworth Realty compare Metro Orlando’s luxury market to the ranks of notable cities where millionaires pay top-notch prices for residences, such as New York, Miami Beach, Singapore and the Grand Caymans.

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“The luxury market continues to perform very well in Central Florida in spite of the global challenges of the past year,” Wanner said in a prepared statement. “We are pleased to see a continued increase in buyer interest.”

According to a market report by Stockworth Realty, there are few opportunities to buy a new luxury waterfront home, but sale transactions are up.

Data stated in the report found an annual median year-over-year inventory of luxury product (priced $1M and up) in Orange County is down, while overall sale volume and transactions are increasing.

Last year’s luxury residential sale volume jumped to $962 million across 560 transactions, up from $796 million in sales volume across 476 transactions in 2019. Year-over-year inventory went down from 421 units in 2019 to 353 units in 2020.

The Ritz-Carlton Residences Orlando wouldn’t be Unicorp’s first luxury single-family home development. The company, which is behind large mixed-use projects like O-Town West, also developed the Carmel community by Orlando’s Dr. Phillips neighborhood.

Carmel, an 11-lot residential subdivision, sold out earlier this year with Whittall acquiring the largest residential lot for his own 20,000-square-foot mansion.

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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