xml:space="preserve">
xml:space="preserve">
Advertisement

85 acres of lakefront land in Dr. Phillips area marketed for high-end residential

With the map facing westward, the parcels highlighted in green total roughly 85 acres of wooded area, southwest of the intersection of Sand Lake and Turkey Lake roads. They are being marketed for sale for high-end residential development.
With the map facing westward, the parcels highlighted in green total roughly 85 acres of wooded area, southwest of the intersection of Sand Lake and Turkey Lake roads. They are being marketed for sale for high-end residential development. (CBRE)

More than 80 acres offering one of the last large infill development opportunities in the Windermere-Dr. Phillips housing submarket was promoted for sale within the past week, and one of Orlando's lead developers of high-end residential already has an offer in.

Based southwest of the intersection of Sand Lake and Turkey Lake roads, with frontage on both Big Sand Lake and Little Sand Lake, the property consists of two parcels totaling roughly 160 gross acres, with about 85 acres of that developable timberland.

Advertisement

CBRE Orlando's Land Services team began marketing the property last week, led by first vice presidents Robert McEwan and Preston Hage, and associates Jacob Schrimsher, Shelton Granade and Justin Basquill. The brokers did not respond to calls for comment on Monday.

Adjacent to Orlando's tourism corridor, the property holds entitlements for more than 800 single family homes, other residential uses, or combinations of residential and timeshare uses. There is 1,800 feet or more of frontage on the two lakes.

Windermere and Dr. Phillips make up one of the highest income demographic submarkets in the state, lending this property to high-end residential development.

"It's a great piece of property located in a very good area. We've been talking to the sellers and have an offer in," said Chuck Whittall, CEO of Unicorp National Developments. "It will be developed if a buyer can meet the seller's price expectations. Best and highest use there is residential and multi-family."

The property is a remnant of more than 700 acres bought on or near Sand Lake Road in the late 1970s by Israeli architect and real estate developer Moshe Mayer, who was best known for luxury hotels he built in Africa.

When he passed away in 1993, Mayer's local properties were divided between two investment parties from Israel, the Marcent Equity Group and Grenada Group.

This property is owned by LLC affiliates of the Grenada Group, which has offices in Israel and Switzerland. Its local assets are managed by Orlando attorney Tom Ross, who did not respond to requests for comment.

The 80-plus acres was under contract in early 2015 to homebuilder Standard Pacific Group out of California, but in June that company merged with Ryland Homes (now rebranded as CalAtlantic Homes), and the new entity dropped the contract.

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.

Advertisement
Advertisement