UPDATED: February 13, 2017 6:18 PM — A national homebuilder and multifamily developer have emerged as contracted buyers for about 56 of 85 acres along Turkey Lake Road that are considered one of the last large infill opportunities in the Dr. Phillips housing submarket.
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 includes roughly 160 gross acres, with about 85 acres of that developable timberland.
GrowthSpotter first reported in February 2016 that CBRE Orlando's Land Services team began marketing the property. The land is now under contract to an unnamed master developer out of Tampa, which has worked through local attorneys to negotiate infrastructure agreements with Orange County in recent months.
In mid-November, plans to subdivide the 85 acres into three lots, and build an initial wishbone-shaped road providing two points of access on Turkey Lake Road, set the stage for secondary buyers' plans to be submitted now.
A Development Plan and Preliminary Subdivision Plan were filed on Monday with Orange County for two of three lots designated for future single-family, and age-restricted multifamily.
Greystar Development is the prospective buyer for the age-restricted multifamily portion, a 185-unit project dubbed "Overture Sand Lake." The developer's Overture brand, limited to residents age 55 and up, has 24 locations across nine states nationwide, including two in Florida (Miami and Sarasota).
Greystar's project would be on the 5.71-acre Lot C on the property's northeast corner closest to Turkey Lake Road, 4.07 acres of which will be impervious.
The site offers a "great infill location in a highly desirable submarket," with "great access to food, grocery, and other service-oriented retail," Greystar's senior director of development Lewis Stoneburne told GrowthSpotter on Monday. "We expect groundbreaking in Q4 2017 or Q1 2018."
On Lot A (50.58 acres, 35.39 acres impervious), Meritage Homes is under contract for 75 single-family detached homes, and 106 townhomes. The majority of the home lots would feature lakefront views, and the development would include a park area, swimming pool, and tot lot.
Officials with Meritage in Orlando declined to comment Monday on the project.
The remaining Lot B's approximately 28 acres could have up to 394 apartments, and is under contract to a national multifamily builder that has yet to file its own Development Plan.
Adjacent to Orlando's tourism corridor, the vast property boasts 1,800 feet 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.
Known as the "Grenada Property," this 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, known for luxury hotels he built in Africa. Most of it is still zoned under the expansive Granada PD (the name is misspelled on zoning documents).
When he passed away in 1993, Mayer's local properties were divided between two investment parties from Israel, the Marcent Group and Grenada Group.
Shutts & Bowen LLP attorney Dan O'Keefe has led the property through months of county roadway agreements on behalf of the master developer, and did not respond to requests for comment on Monday.
That road agreement and infrastructure PSP are on pace to go before the Board of County Commissioners for approval as soon as March, though haven't been formally scheduled yet.
Greystar's DP and Meritage's PSP are scheduled to go before the Development Review Committee on March 15.
For the two new roads into the property from Turkey Lake Road, one would begin just north of the Phillips Village retail center with a new traffic signal.
This future intersection will be significant, because the Beyond I-4 Ultimate designs forecast a flyover road from Sand Lake Road southward alongside I-4, which would connect at this new traffic signal on Turkey Lake Road.