A recent series of land sales at the southeast corner of Hartzog Road and Avalon Road has prepared a 37.83-acre assemblage that's now likely to be re-zoned from timeshare and single-family to single-family and commercial.
Westport Capital Partners bought the land last week for a total of $4.98 million, according to deeds recorded in Orange County on Jan. 28.
Kyle Sanders, president of Sovereign Land Company, who helped put together the deal, told GrowthSpotter it took about a year to combine the four parcels, which were under two different ownerships.
One of the four parcels was owned by Valley National Bank, which had foreclosed on the property that had been owned by CNL Bank. That land is approved for 108 single-family homes.
In one day, Winter Park-based Keewin Real Property Company bought that portion for $1.1 million and then resold it to Hartzog Road Property LLC, a Westport entity, for $1.69 million.
The other three parcels were owned by the Casher Family Dynasty Trust and were sold to Hartzog Road Property the same day for $3.29 million, according to records. That land, on the west side of the parcels, is approved for 318 timeshare units.
Originally, Sovereign Land planned to sell the land to a home builder after rezoning the time share portion for residential use. But then Westport Capital Partners, which owns three vacant condominium towers across Avalon Road that fell victim to the recession, contacted Sanders through Orange Crown Company's Ryan von Weller and Kevin Kroll about purchasing the property, Sanders said.
Westport did not returned telephone calls for this story seeking comment on their plans for the purchase.
However, Orange County planning staff said Tuesday the land owners have requested an amendment to the comprehensive plan for the portion now approved for timeshares, to be changed to allow single-family residential and commercial uses.
The Board of County Commissioners is scheduled to consider the request this month.
Teresa Burney can be reached at 352-455-1955 or at Teresaburney4@gmail.com.