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Highlighted in yellow are the 103 acres bordering Marshall Lake in Apopka that the city recently approved the sale of to a homebuilder.
Highlighted in yellow are the 103 acres bordering Marshall Lake in Apopka that the city recently approved the sale of to a homebuilder. (City of Apopka)

Royal Oak Homes had its $3.2 million bid chosen this week by Apopka's City Council for a 103-acre lakefront property, which is zoned for low-density residential.

Located west of S.R. 451, south of Marshall Lake Road with frontage on Marshall Lake and northeast of the Breckenridge subdivision, the vacant city-owned property was declared surplus in early February and marketed for sale.

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An affiliate of AV Homes, Royal Oak now has a maximum due diligence period of up to six months to close on the property, from the date of its bidsubmittal. Thehomebuilder has yet to file a Development Plan with the city.

Early insight on the opportunity in this city for assemblage, mixed-use projects and Public-Private Partnerships.

Runner-up bidders were CalAtlantic Homes and Winter Park-based developer ZDA Land Investments LLC at $3 million each.

The city had also placed a Commercial-zoned property up for sale that drew no bidders. It will bring back to market the 8.45-acre parcel at 751 N. Park Ave., which is based on the southeast corner with E. Sandpiper Road.

A price floor for bids on that parcel is $1.267 million, with bids now due on July 14. A copy of the property's appraisal report will be provided upon request.

Bids and inquiries can be directed to Community Development Director James Hitt.

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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