A real estate broker turned developer has presented his first project to municipal planners, a 24-unit town house community at the border of Lake Mary and Sanford.
Moe Musleem, principal of Legacy Group, is working with Sanford planners to create a four-building enclave near Casa Verde Boulevard, off S.R. 46A, on a three-acre parcel he paid $480,000 for in January. This is virtually the same price the land sold for just before the recession hit.
The last time the parcel, at 115 Lake Blvd., saw serious interest was about a year ago from Walgreen's, but the pharmacy chain ended up taking land across the street and building a store. A new Walmart is behind the parcel, which Musleem says encourages him.
Musleem wants to turn the vacant piece of land into a enclave of "Miami"-style town homes that differ in look from most that are being constructed here. The Miami style features flat roofs and open balconies, among other style flourishes.
Prices will range between roughly $249,000 and $279,000.
Demonstrating how much detail goes into each decision, the working name for the town house project is still being mulled over. Titles mentioned include The Colony at Chase Groves, Casa Verde Townhomes and, to capture some of the surrounding community's cache, Legacy Villas at Lake Mary.
Musleem did not have a project cost estimate yet, because he has not selected an architect or general contractor. American Civil Engineering is the civil engineer.
He is at the pre-application stage with Sanford planners, although the land is already zoned residential. What has already been decided is the project will have a recreational area but, because of space constraints, no pool.
Musleem, who has been a real estate broker for almost two decades, hopes to start the project in early 2017 and have it complete by that summer.
As a first time developer who has kept his day job as a broker with Re/Max Legacy Realty in Sanford, Musleem is purposely starting out small, and carefully.
But he saw from a very close vantage point all of the money that is being made by the development of Central Florida and decided the best thing to do was get in.
"This a good project to start with," Musleem said. "There is a demand for this kind of project given all the people moving here."
But it is not a cakewalk.
"There is so much work to be done," he said. "This is a major difference" from his work as a broker.