More than 150 single-family homes are planned for the city of Apopka as part of a new community called Bridle Path.
The BurnBrae Companies, a real estate investment, development, and management company headquartered in Washington, D.C., put the development plan together.
Principal Rich Thometz said the project would be the first single-family home community within the Kelly Park Interchange Form-Based Code area — a district created by city officials to help drive future development and economic activity to the city.
The once sparsely developed region is roughly halfway between the downtowns of Apopka and Mount Dora.
The Apopka City Commission voted unanimously on Mar. 6 to approve the final development plan and plat for Bridle Path. The project is located at 5526 Plymouth Sorrento Rd., just east of S.R. 429.
Through its affiliate BB Bridle Path LLC, BurnBrae paid about $2.6 million for the 51.1-acre property in September.
A site plan for Bridle Path shows a mix of 50- and 55-foot lots. Amenities include a pool and cabana.
The company does not have a builder under contract, but Thometz said he expects shovels in the ground by early summer.
BurnBrae specializes in opportunistic land, residential and commercial investment deals in the Mid-Atlantic region. The company has completed or is in the developing phases of more than 1,000 residential lots. According to its website it has $150 million in equity under management.
Taking into account its investment strategies, the firm will likely sell the Bridle Path property to a homebuilder.
"Trevor Hall of Colliers International pointed us to the site and showed us there was an opportunity," Thometz said, underlining the opening of the Kelly Park Road interchange.
It's one of four interchanges opening in part of the $1.6 billion, 25-mile Wekiva Parkway project that will complete the beltway around northwest metropolitan Orlando.
The expressway was designed to provide an alternative to I-4, and relieve U.S. 441, S.R. 46 and other area roads of traffic congestion, but professionals in the industry say it’s also opening up a wealth of real estate opportunities.
Nearby to Bridle Path, a Longwood-based developer is close to breaking ground on a new retail project called Gateway Plaza.
The project features more than 32,000 square feet of retail space on 3.36 acres of land situated on the northwest corner of E. Lester and Rock Springs roads.
Directly behind where Gateway Plaza will rise, a 112-lot residential community being developed by K Hovnanian is underway.