UPDATED: MARCH 28, 2016 9:45 AM — Oviedo-based developer Sun Terra Communitieshas 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.
Land banking agent Sun Terra Communities paid $5.8 million on Monday for 119 acres in Horizon West that it's holding for Beazer Homes, which should break ground in late March on a 117-lot development of single-family homes.
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."
With the property re-entitled in recent months by Unicorp and Dwight Saathoff, Pulte buys half now for Phase I of Ruby Lake Estates, while land banking agent Sun Terra holds Phase II until October 2017.