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Osceola land owner to finish permitting for 545-home subdivision on Alligator Lake

Buena Lago is approved for 545 homes and townhomes - all with boating access to Alligator Lake.
Buena Lago is approved for 545 homes and townhomes - all with boating access to Alligator Lake. (Osceola County)

Two years after getting construction plans approved for a 545-home subdivision on the south shore of Alligator Lake, the owner of the future Buena Lago site said he's ready to move the project forward.

Nick Gross, owner of Snow Construction, transfered the 278 acres to an affliate company, Buena Lago LLC, for the purpose of completing the permitting process, gaining entitlements and marketing the property, he told GrowthSpotter on Tuesday.

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The value of the transaction -- on paper -- was $6.5 million. But once the land is fully entitled, the sale price will be "well north of that," Gross said.

Gross is picking up where Orlando-based FHC Development left off. FHC successfully rezoned the property in 2013 for low-density residential and received site plan approvals from Osceola County. Gross said the developer is no longer involved.

"They had a contract on the property but did not close on it," Gross said.

The Winter Park developer wants to start construction by the end of the year on a new starter-home community in Poinciana and a luxury boating community on Alligator Lake.

The approved site plan calls for a mix of townhomes and single family homes built around a 31.4-acre internal lake with its own beach and clubhouse. The lot sizes ranged from 100-foot estate lots on Alligator Lake to 75-foot internal lake lots and 60-foot canal-front lots.

The owners bought the land on Lake Gentry as an investment, says their representative Daryl Carter, and may resell it for development when the time is right.

The plan calls for Buena Lago to be developed in four phases, with construction of the internal lake in the first phase.

Osceola County had already approved the mass grading permit for the lake. Gross said he still needs an environmental resource permit from the South Florida Water Management District. He expects all of the permits to be in place by the end of the year.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407)420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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