UPDATED: March 28, 2016 9:45 AM — Oviedo-based developer Sun Terra Communities has paid $26.7 million to the Diocese of Orlando for 269 acres on Seminole County's Lake Howell, to be proposed for single family homes.
The buyer closed on the sale for most of the San Pedro Center land earlier this month, leaving the diocese with 198.6 acres that it continues to operate as a spiritual center, and may want to add a cemetery to in the future, property records show.
The land is located on the edge of Lake Howell, between Howell Branch Road and Red Bug Lake Road, and has been owned by the church for decades.
Sun Terra, which also serves as a land banking agent for many homebuilders to hold local property for future development, is financed by private equity investor JEN Partners of New York City, said Sun Terra principal Richard Jerman.
Sun Terra plans to go before Seminole County planners within the next few weeks to discuss amending the property's Planned Development zoning, requesting largely single family use, Jerman said.
"We intend to re-entitle, develop and sell lots to builders," he said. "We do not yet have a specific builder."
This would be a switch from the close to 1,000-resident senior housing facility the church proposed two years ago for the property, and was denied in part due to density.
Sun Terra's current plan is for a majority of the property to be developed as single family, with a smaller portion as town home and some retail, Jerman said.