Randall F. Greene has a "large national multifamily developer" under contract for roughly 10 of his affiliate's 64.53 acres on Turkey Lake Road in the tourist corridor, and hopes to start horizontal site work on the mixed-use property in First Quarter 2017, the developer said Wednesday.
GrowthSpotter first reported in late April that Greene's RG Development and Investments was working to refocus the future use of his affiliate's land on Big Sand Lake, swapping out timeshare residential for multifamily in an effort to kickstart development this year.
Located at 9200 Turkey Lake Road just a few hundred yards north of Westgate Lakes Resort, the property features about 46 developable acres.
It's one of the last large undeveloped tracts remaining on Interstate 4 in the tourism corridor, and has been formerly known as the Yogi Bear Campground, the National Spa and Resort timeshare project, and Eden Springs Resort project.
Owned by Greene affiliate DCS Real Estate Holdings, the parcel was originally approved for 1,500 timeshare and hotel units that would have been the focus of its development, with commercial frontage.
Greene filed a Land Use Plan amendment request in recent months with Orange County to reduce timeshare residential from 329 units to zero, increase multi-family residential from zero to 286 units, and maintain commercial at 148,600 square feet, hotel use at 120 rooms, and spa/recreation/sales at 72,000 square feet.
On Wednesday, the Development Review Committee recommended approval of a substantial change to the National Spa and Resort PD. That will now go before County Commissioners for approval, likely in September.
Just under 10 acres of timeshare use would transfer to multifamily, while commercial and hotel would maintain 20.18 acres, spa and recreation 5.03 acres, and 22.37 acres would still be covered by the two lakes.
Greene declined to name the multifamily partner on Wednesday, citing a non-disclosure agreement. Retail tenants are being recruited, and ground could break on horizontal infrastructure and roads through the property by March of next year, he said.
Once the PD is modified for multifamily, the contract purchaser can file a Development Plan.
John Park and Jared Ettinger of Berkshire Realty are marketing the commercial frontage for retail. Ettinger said Wednesday he has tours scheduled for the property, but will ramp up marketing efforts at ICSC Florida Conference & Deal Making, held Aug. 21-23 in Orlando.
Two separate hotel lots on the property, both positioned for lakefront access, will likely be land leases or a development joint venture, Greene said.
A previous owner of the land had invested more than $2 million years ago on improving the intersection of Sand Lake and Turkey Lake roads, resulting in a generous amount of vested trips, said Miranda Fitzgerald, co-chair of the Government Approvals and Land Use Practice Group at Lowndes, Drosdick, Doster, Kantor & Reed, P.A., who has represented the applicant in its PD change determination request.