An affiliate of Aventura-based Master Real Estate paid $3.9 million this week for a former golf course near the Mall at Millenia, and will bank the land for future residential development.
Located off the 3500 block of W. Oak Ridge Road and PGA Tour Boulevard, the 43.6-acre property was developed in 1968 as the 18-hole Eaglewood Golf Club and Course, which closed in 2008.
"We're trusting in our confidence in the Orlando market's long-term growth," Isaac Peckel, partner in affiliate Mir Developments, told GrowthSpotter. "This is a project that we'll do over a longer period of time, there's no rush to do it now. We see it as very well located for the housing market."
The property is currently zoned commercial for the former golf course, but Peckel said residential will be its best and highest use. The company has not decided if it will pursue single- or multifamily.
Peckel does not expect the company to make any progress on development plans for the property this year. But it's proximity to the Millenia submarket and Interstate 4 should help the land hold its value, he said.
"I'm excited because I see the growth in Orlando as being very organic," he said. "Coming from Miami you see (real estate) growth here sometimes being very inorganic, but in Orlando it's being driven by a lot of people consistently moving there and jobs being created."
The seller was Eaglewood Course Development LLC, an affiliate of the Banc of America Community Development Corp., which previously paid $3.45 million in 2008.
Mir Developments is busy this year with two other mixed-use developments in Orlando: its 18-acre Sandlake Station project within walking distance of the Sand Lake Road SunRail station, and a 10-acre site northeast of the Florida Mall with plans for 180 apartments fronted by a retail and office building.
Its Sandlake Station plans hit a snag on Jan. 24 with Orange County's Development Review Committee. The developer has to reconfigure its Development Plan to properly phase in fee-simple townhomes, after an initial phase of 196 condominium units and a 36,000-square-foot commercial building.
"We're setting up meetings with staff for the first week of February," Peckel said. "We're very excited to start construction on that as soon as we can."