A 14-unit upscale townhome community is in the works for Winter Park.
Developer Gelcorp recently filed plans for a new townhome community that is being designed to surround a luxury single-family residence it built in 2013.
Dubbed the Modern Estate on Gelcorp’s website, the single-family home at 511 W. Canton Ave. is recognized for its spacious courtyard and spiral landscaping design at its entrance. The residence is also capable of housing 19 cars in its garage — including RVs because ceiling heights reach up to 20 feet.
The townhomes are being planned to rise on empty lots behind and on the eastern edge of the home.
“The thought process was always to put something there,” project manager Matt Basaraba told GrowthSpotter. “It could have been anything, townhomes, condos... whatever fills a need for the community."
Whereas other luxury townhome projects in Winter Park have been launching sales asking above $2 million, Basaraba said Gelcorp intends to appeal to a market that wants to spend a little less.
Prices for the townhome community will range from $799,000 to $1.295 million. Basaraba said total sellout of the project is expected to top $13 million. He adds, Gelcorp is being careful not to over saturate the market with too many multi-million dollar townhomes.
Townhomes in the Park Hill neighborhood of Winter Park, for instance, have sold for more than $3 million. In July, GrowthSpotter reported that only two of the 10 units at the project, developed by Hill Grey Seven, remain.
“We’re not in the same realm as Park Hill,” Basaraba said. “We don’t want to compete.”
In total, Gelcorp and affiliates own about two acres of land between Swoope and Canton avenues. The assemblage was acquired in 2007 and 2012 for a little more than $3.1 million. Most of the purchases were handled through entity Windermere-Winter Park Ventures LLC.
The 14-unit townhome project goes before the city’s Planning and Zoning board this Thursday with staff approval for a conditional use permit. Gelcorp is working with Nasrallah Design Group to design the townhomes and site configurations.
Plans call for two-story and three-story townhomes with 2-car garages and backyard space. The townhomes to the east of the single-family home will be able to provide more parking spaces for residents.
The project would be built out in four phases. Basaraba said he expects the project to be complete within 30 to 36 months after scoring all necessary approvals.
Meanwhile, the five-bedroom house along West Canton Avenue is currently available to rent for $20,000 a month. Without disclosing their identities, Basaraba said several professional athletes have expressed interest in potentially buying the house in the past.
One of which expressed how they could potentially fit a full-size basketball court in the garage, Basaraba said.
Jeff Gelman is the founder of Gelcorp Industries and president of Gelcorp Management and affiliated entities. Last year, his 51,000-square-foot estate in Windermere was on the market for $28.5 million.
To give a comparison, the 31,000-square-foot Isleworth mansion belonging to NBA legend Shaquille O’Neal was last asking $21.9 million.