Through entity Carmel By The Lake, LLC the developer closed on about 18 acres of lakefront land next to Arnold Palmer’s Bay Hill Club & Lodge, where Whittall has been planning a new luxury single-family home community — and future place of residence — called Carmel.
Whittall told GrowthSpotter the deal pencils down to about $18 million. Plans call for 13 luxury homes, priced between $3 million to $15 million, Whittall said.
Located west of the Masters Boulevard and Hubbard Place intersection, the property has been long held by the family members of Francis Evans Hubbard, who founded Hubbard Construction. The family built roads throughout Disney property and much of Central Florida.
The land juts into the waters of the Butler Chain of Lakes, where a number of exclusive affluent communities already enjoy the splendors of lakefront living. Carmel plans to be no different, Whittall said.
“I think its prettiest piece of property,” Whittall said. “It’s going to be an upscale luxury home community.”
Plans for the community are in motion despite some Native American archaeological remains being found on the site. All remnants will be preserved.
As previously reported by the Orlando Sentinel, Carmel will be a double-gated community with brick-paved roads lined with gas lantern lighting. Whittall said he plans to start infrastructure construction as early as next week.
Whittall and Unicorp are the team behind the $1 billion O-Town West mixed-use developments in the tourism corridor and a Dave & Buster’s-anchored entertainment and retail complex in Celebration.
Among their completed projects are Icon Orlando 360 on International Drive that includes the 400-foot observation wheel. Other projects include Dellagio’s restaurant complex on Sand Lake Road, the Griffin Farm at Midtown shopping center in Lake Mary and the Trader Joe’s and Bulla Gastrobar-anchored centers in Winter Park, which he sold earlier this year.
The firm is also under contract for about 46 acres underneath the Orlando Fashion Square mall. In April, GrowthSpotter reported on its plans to redevelop aging shopping center into a $1 billion mixed-use community.
Whittall’s future residence at Carmel is being planned on the largest lot (Lot 13), which spans about 3.5 acres.