Residential Property Developments

Anchor Development considers Chinese offer for Avalon Park parcel

The parcel highlighted in red is the undeveloped 1.06 acres that have plans ready for 10 townhomes by Anchor Development Group. The small subdivided parcels directly to the south are townhomes already built by Anchor.
Anchor Development Group, builder and developer of Uptown Avalon townhomes in the town center of Avalon Park, has a pending offer from Chinese investors to sell a 1.06-acre parcel and its design plans for 16 units, the company's co-president told GrowthSpotter.

"An offer we just can't resist" should go to contract any day between Anchor and the buyer, said John Suglio, who heads Anchor Homes and affiliate Anchor Development Group. 

Located in the heart of downtown Avalon Park and within walking distance of Publix and many shops, Suglio's company has currently built 20 of a planned 35 units, which are three stories and selling at $250,000 and above. 

As many as 16 more units were planned for the 1.06-acre parcel with frontage on Tanja King Boulevard. Initial plans were for 10 of those to be live-work units, and Suglio said all 10 were lots were reserved as recently as last year by small business owners.

But one after another backed out of their contracts over the past year. Then an offer came in from Chinese investors for the plans for the units as strictly townhomes, along with another six on the same parcel of land.

"We're getting ready to send them the contract (this week)," he said. "They'd buy the parcel and the plans we've designed, and build with their own (construction partner)." 

Suglio declined to confirm the purchase price offered for the 1.06-acre parcel and development plans.

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