The shaded area, including Lake Howell, encompases the land the Diocese of Orlando sold to a new York investment group.
The shaded area, including Lake Howell, encompases the land the Diocese of Orlando sold to a new York investment group. (Seminole County Property Appraiser)

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.

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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.

Sale of 119 acres in Horizon West paves way for Beazer Homes development

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."

Pulte, land banking agent pay $26M+ for 165 acres surrounding Ruby Lake

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.

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.

Have a tip about Central Florida development? Contact me at ktalley@growthspotter.com or (407) 420-5176. Follow GrowthSpotter on FacebookTwitter and LinkedIn.

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