Two long-time Winter Park developers are working together on a number of residential projects and they're in the market for more land.
Sovereign Land Co. President Kyle Sanders and his partner, Steve Rosser, president of Keewin Real Property Co., said they have access to new capital and are aggressively shopping for land in the Greater Orlando market.
"I can't say how much capital, but it's substantial," Sanders told GrowthSpotter on Thursday.
The duo already owns a 20-acre parcel on Hartzog Road in the Horizon West area, which is slated for 80 townhomes; and they have three major projects under contract in Osceola County, including two in East Narcoossee slated for a combined 451 homes.
They also have 44 acres in Groveland under contract. That property is slated for mixed-use development.
"We're willing to look at any size property for any use," Sanders said. "Our specialty is single family; however, we've been involved with commercial deals, hotel deals, mixed-use -- we've done all sorts of deals."
Sanders, a licensed broker who also holds a Masters Degree in Land Development, and Rosser, an engineer, have been friends and business associates for more than a decade.
"I met Steve when I worked at Cambridge Homes and he was at Ryland Homes -- about 12 years ago -- and we worked on deals together there," Sanders said. "Then we each went out on our own. We were looking for projects we could do together for quite a while, and we finally found some deals a couple of years ago."
One of their first deals involved creating a 38-acre assemblage in Horizon West at the corner of Hartzog and Avalon roads. The partners paid $4.4 million for the four parcels and intended to rezone them for single family and commercial development.
They later sold the land for $5 million to Westport Capital Partners, which owns the neighboring condominium towers on Avalon Avenue.
"They made an unsolicited offer," Sanders said. "They wanted to control the type of development that would go in across the street."
A recent series of land sales at the southeast corner of Hartzog Road and Avalon Road has prepared a 37.83-acre assemblage that's now likely to be re-zoned from timeshare and single-family to single-family and commercial.
Sanders said he and Rosser intend to sell the land with entitlements or develop lots for builders in the right situations.
"We're pretty flexible," Sanders said. "We like to stay as close to the core as possible, but we're pretty opportunistic. We'll look at any deal as long as we feel we can create some sort of value with it."