Developer pays $3.5 million for 300 acres of lakefront land in Polk

Orlando broker and land developer Mike Noonan paid $3.5 million this month to buy nearly 300 acres he had owned and entitled in Polk County before the 2008 housing crash.

The property consists of 7 parcels on Lake Gum in the city of Lake Alfred, north of Winter Haven, on State Road 557. The neighborhood will be at the half-way point between Interstate 4 and U.S. 17-92.

"This property was entitled and fully engineered for a (Planned Unit Development) back in 2005," Noonan told GrowthSpotter. "It was approved for 362 single family lots, but the project was shelved."

Noonan said he has engaged Dave Schmitt Engineering to redesign the project, likely at a higher density. But the final lot count can not be determined until the city completes its Land Development Code update in the spring.  

"The property is in the Green Swamp Area of Special Concern, so we have to wait to see the final version of the text amendment," he said. 

One thing Noonan can confirm is that a portion of the property will be conveyed to the city to build a public boat ramp and fishing pier on Lake Gum. 

"The city has been wanting access to that lake for quite a while," he said. "We're going to donate the land for a ramp."

The current plan doesn't call for a community pool. Amenities will be primarily passive recreational uses, such as bike trails and pocket parks. 

Noonan's Progress Realty Group has worked with several national production builders over the years. Most recently, he was involved in the $6.5 million sale of the former Lake Charles Resort property in Haines City to D.R. Horton. 

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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