Plans to subdivide and build initial road infrastructure were submitted Monday for one of the last large infill opportunities in the Dr. Phillips housing submarket, with more than 80 acres under contract to a national residential developer.
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 it developable timberland.
Filed on Monday was an infrastructure and preliminary subdivision plan for parcels E, F and G of the Grenada PD.
This PSP focuses on those roughly 85 developable acres of parcels E and F which are under contract, and outlines within them the subdivision of lots A, B, and C, and Right-of-Way tracts RW-1 and RW-2.
The PSP indicates Lot A will have up to 175 single-family attached/detached homes, Lot B up to 394 multifamily units, and Lot C up to 192 multifamily or active adult units.
Adjacent to Orlando's tourism corridor, the land 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.
A future residential PSP for Lot A and development plans for lots B and C will have the details of those specific site plans.
The property is landlocked from Turkey Lake Road by a few hundred feet owned by Walmart Stores, Inc., and the county.
Attorneys for the buyer, seller and county transportation planners have been working on a new road network through the property, and a major pond relocation to make the development feasible.
The new PSP shows a wishbone-shaped road to be built in a first stage of infrastructure, accessing the property from two points off Turkey Lake Road, to the north and south of what will be a reconfigured Lake Marie.
An update in late October reported the prospective buyer is a national residential developer expected to close on the property in the first half of 2017.
Shutts & Bowen LLP applied for this PSP on behalf of the potential buyer, and did not respond to requests for comment on Monday.
Known as the "Grenada property," this land 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 Grenada PD.
When he passed away in 1993, Mayer's local properties were divided between two investment parties from Israel, the Marcent Group and Grenada Group.
The target parcels E and F are owned by LLC affiliates of the Grenada Group, which has offices in Israel and Switzerland. Its local assets are managed by Orlando attorney Thomas T. Ross.
Not included in this PSP is a proposed third entry road to the property on its southern end, south of the Phillips Village retail center that access the site through the northern edge of a Walmart Supercenter parking lot, with Walmart agreeing to grant an easement.
Preliminary plans also called for a future extension of the road network northward, running through the Parcel G to connect at a future traffic signal on W. Sand Lake Road.
That extension would have to agreed upon at a later date by other property owners.