A majority stake in a 12.2-acre parcel in Lake Mary, along International Parkway, has been sold to an Ohio developer that plans to turn the vacant parcel into a multi-use property, which could include hundreds of apartments and hotel rooms, and thousands of square feet of restaurants, retail and office space.
Capital Investment Group Inc. of Cincinnati paid roughly $6 million for a 75 percent interest in the land, which it wants to develop into "Allure on the Parkway."
Capital Investment has submitted a request for an informal meeting with Seminole County planners to discuss the project, which is the site of the previously approved "Gunter Village" planned development.
The property, located at 3300 International Parkway, is just north of Colonial Town Park, and south of the ramp that leads to S.R. 417.
That land has already been approved for Planned Development zoning, according to applicant Gregg Fusaro, regional partner at Capital Investment Group, according to his LinkedIn profile.
Before joining Capital, he was multi-family housing director at real estate developer Miller-Valentine Group for 13 years.
Allure on the Parkway, under the PD, can build up to 350 multi-family dwelling units, as much as 15,000 square feet of restaurant and 40,000 square feet of retail space.
The property could also contain a hotel with up to 200 rooms, and an office building as large as 80,000 square feet.
In a note to Seminole County planners, Fusaro said the "final master plan" includes 300 luxury multi-family residences in a four-story building with attached structured parking, and a hotel outparcel that can accommodate up to 200 rooms.
Fusaro did not respond to multiple calls requesting comment.
Capital Investment Group's mission "is to develop and acquire real estate assets in a risk appropriate manner that will create value and cash flow for our stakeholders, our customers, and our partners," according to its website.
Richbyrd Gunter LLC sold the 75 percent stake in the land, and is an entity whose principles are Charley M. Tucker of Sorrento and Winter Park attorney Tucker H. Byrd, who was at personal injury law firm Morgan & Morgan before starting his own practice Byrd Campbell PA in Winter Park, a couple of years ago.
Richbyrd Gunter LLC paid $7.95 million for the property in late August of last year, property records show. Tucker could not be reached for comment, and Byrd did not respond to requests for comment.