More development is being proposed near the eastern edge of Winter Park’s city boundaries,
Lake Spier Development LLC, an Orlando-based company led by property investors Andrew Russo and Shane Acevedo, is proposing a small lakefront townhome community across from Lake Baldwin Park.
The company is seeking conditional use approval to allow for the development of 10, two-story, fee simple townhouses on 1.28 acres at 1915 S. Lakemont Avenue. Winter Park’s planning and zoning committee is scheduled to review the request next Tuesday.
Records show Lake Spier Development LLC bought the property last October for $1.3 million. The sole single-family residence on the property was demolished shortly after.
A conceptual site plan shows the makeup of the townhome community, called Lake Spier Crossing, features two townhome buildings with two units each and two townhome buildings with three units each.
Amenities include neighborhood walking paths that lead to docks on Lake Spier to the north and Lake Compton to the south. Kayaks or paddleboards may be launched on Lake Spier, according to documents.
The proposed plans show Lake Spier Crossing will be a gated community. The complex will have five guest parking spaces and each unit will feature two-car garages.
The property owners will not need to request any variances or rezone the property because the current zoning allows for residential development at a density of 10 units per acre.
Conditional use approval is necessary for residential projects of three units or larger for developments in properties zoned R-2 under the cluster housing provisions.
According to a city staff review, building setbacks are in conformance with city codes, as well as the proposed building height. The development will generate 52 additional trips per day from Lakemont Avenue.
Kim Fischer with Winter Springs-based Cycorp Engineeringis the civil engineer. Sanford-based Zero Latitude Inc. is the architect.
Newly built residences in Winter Park typically sell for more than $500,000. Closer to Park Avenue, Hill Gray Seven’s 10-unit luxury Park Hill townhome development collected about $31 million in sales. Developer Anil Deshpande, is prepping land on Lake Killarney to feature 30 new custom homes, where home prices start in the $700,000′s, and lakefront homes are expected to fetch close to $2 million.
Russo and Acevedo are not the only developers to introduce new real estate projects in east Winter Park.
Land owner and developer Ansaka LLC, an investment vehicle of Winter Park resident Andrew Ryan and family members, proposed developing a new townhome community called Loring Chase on the northwest corner of Aloma Avenue and Lakemont Avenue, near Winter Park Memorial Hospital.
Though the project never took off, the property owners managed to plat the property in 2019. Records show Fifth Third Bank owns commercially-zoned vacant land directly east of the Loring Chase development site.
In 2015, the bank proposed developing a one-story 3,500-square-foot branch bank with a drive-through and 5,715 square feet of professional office space, but plans fell through.
Earlier this year, the nearby Mayflower Retirement Center broke ground on a 16-acre expansion plan that will features a new clubhouse, an 85,000-square-foot health center and 50 new residences across five new residential buildings surrounding the health center.
A couple of miles east, along Aloma Avenue, luxury apartment developer Epoch Residential is in the midst of building a 178-unit active adult community at 3045 Aloma Avenue.
Meanwhile in Orlando’s Baldwin Park community, institutional investors have paid high-dollar prices for a chance to own commercial property in the ritzy neighborhood.
Last year, New York-based Bluerock Real Estate sold the 220-unit Enders Place apartment community for $53.15 million to an entity tied to Boston-based investment firm TA Realty.