Celebration-based CBD Real Estate Investment LLC is under contract to purchase about 280 acres near Winter Haven with plans to develop a large residential subdivision and small commercial center.
The multi-parcel property straddles both sides of Bomber Road (C.R. 559) on the east side of U.S. 17, directly south of Lake McLeod. Plans call for a 1,160-lot residential subdivision called Ranches at Lake McLeod, and a 17,100-square-foot commercial center called Shoppes at Lake McLeod Ranch.
The residential portion will consist of five sections: North Ranch, South Ranch, East Ranch, West Ranch and Central Ranch. The entire site was annexed into the city in January.
“The City of Eagle Lake is small but it’s looking for growth,” David Waronker, president of CBD Real Estate Investment LLC, told GrowthSpotter. To help that effort, the company decided to draw up a commercial center within the master-planned community.
“The biggest problem in Eagle Lake is that there’s virtually no commercial," Waronker said "There’s no pharmacy, no bakery, no grocery story. If we’re bringing 3,600 people, there’s a need for a commercial component.”
CBD Real Estate Investment LLC is in the process of applying to have the community approved for a DRI. Waronker said he’s still unsure if the company will be funding the bonds.
Preliminary plans go before zoning officials with the city in May, “subject to the city and county being open for business,” Waronker said, referencing Gov. Ron DeSantis’ executive stay-at-home order.
“We’ll be in as quickly as the board could see us," he said.
The company intends to purchase the properties from sellers, Lake McLeod LLC and JX Farms LLC during the third or fourth quarter of this year, he adds.
A large amenity center at the project called The Club at Lake McLeod will feature a 7,000-square-foot community center, an exercise room with women’s and men’s locker rooms and a large pool and kids pool.
Residents will also have access to two tennis courts, a ball fields, bocce ball courts and a fishing pier with a community boat ramp, Waronker said. The amenity center will be built at the start of the project.
“We expect this will be a five year project,” he said “This is a signature project for CBD and we are very excited to see this come to fruition." The first residents should be ready to move in by the summer of 2021, Waronker adds.
CBD Real Estate Investment LLC is a 37-year-old company based in Celebration. Its portfolio consists of projects in New Jersey, Pennsylvania and Florida.
In Haines City, the company is developing two sister single-family neighborhoods called Covered Bridge at Liberty Bluff and Bonnies Landing. Combined the two residential communities feature more than 550 lots.