South American CRE investor assembling lots on W192 in Four Corners

Argentinian real estate investor Alejandro Atar has assembled 22.5 acres on the W192 tourism corridor in Four Corners and may be looking to add to his holdings.

Atar, who maintains a U.S. office in Aventura, paid $1.375 million on Friday through affiliate 1020 Investment Group for a 14.3-acre parcel that makes up the Osceola County corner of the "Four Corners" area. The property, vacant except for a billboard, is adjacent to an 8.2-acre lot he has owned since 2014.

Atar's Secret Lake Investments Group LLC paid $1.2 million for the first lot. He has had at least three interested buyers in the last few years who were looking to do a hotel, condominiums or apartments, but none pulled the trigger.

Buying the adjacent lot gives Atar roughly 4 acres of dry land directly fronting on W192, or the ability to do a larger project if he can mitigate the wetland impacts. 

"He's looking to do an even bigger assemblage," Mainframe Realtor Paul Richards told GrowthSpotter. "I'm in talks with them now."

Richards is the listing agent for a 13.8-acre parcel just east of Atar's property. He said Atar approached him about the listing, and showed interest if he could convince the property owner between them to sell the back half of their lot (about 1.5 acres) to make them contiguous.

Richards said Atar was looking to do an upscale RV park or multi-tenant retail. "The RV park was interesting because it's the least amount of infrastructure needed to get your money back," he said. "But if you have an assemblage, there's no telling what you could do."

Atar did not respond to requests for comment on Thursday. 

The wetlands have been an impediment to development in the area, but some developers have been able to buy mitigation credits, Richards said. That's how Douglas Partners was able to build the Grand at Westside apartments, which they just sold for $67.5 million.

Directly north across W192, in Orange County, AD1 Global is in permitting for a trio of national flag hotels with shared amenities on 57-plus acres. That project would be valued at $70 million. 

"If they put the bulldozers out there, you’ll start to see interest really pick up," Richards said.

CHS Heart of Florida also filed a building permit this week for a new free-standing Four Corners ER center on the Orange County side of W192.

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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