The family of late Winter Park land developer and investor Louis Seybold is preparing more than 32 developable acres across five contiguous parcels in east Orange County for residential and commercial development, with a home builder lined up and groundbreaking expected by mid-2016.
Louis Seybold's wife, Nikki Seybold, has managed the family's assets since, and began preparing earlier this year for five parcels on Lake Underhill Road to be rezoned and prepped for sale, she told GrowthSpotter recently.
The 38.14 gross acres lie at 10162 Lake Underhill Road, just east of the intersection of Lake Underhill and S. Dean Road, and east of an intersection with the Central Florida Greeneway (SR 417). The family bought the property in January 2003 for $1.5 million.
The property offers 32.05 net developable acres, 30.55 of which are planned for a single family residential development of up to 139 detached homes. Up to 15,000 square feet of commercial space will be available on the remaining 1.5 acres that front Lake Underhill Road.
The property's Land Use Plan and Planned Development were approved on Nov. 17 by the Board of County Commissioners. The family is under contract for 30.55 acres with a home builder that's currently conducting due diligence, which Nikki declined to name.
She said a buyer or land lease agreement has yet to be lined up for the remaining 1.5 acres, but expects it to be a single retail tenant.
The next step will be to submit a Preliminary Subdivision Plan for the residential portion, which Nikki Seybold expects to pursue in early 2016, with groundbreaking projected for the midway point next year.