UPDATED: JUNE 26, 2017 9:54 AM — Developer Randall F. Greene has more than half of his affiliate's 65 acres on Turkey Lake Road in the tourist corridor under contract or close to it for lakefront apartments, a national self-storage operator and fuel station, with retail, hotel and medical office in play for the rest.
Located at 9200 Turkey Lake Road just a few hundred yards north of Westgate Lakes Resort, the property features about 46 developable acres, with 32,000 Annual Average Daily Trips (AADT) along Turkey Lake Road and more than 167,000 on Interstate 4.
It's one of the last large undeveloped tracts remaining on I-4 in the tourism corridor after developer Scott Fish sold 6.1 acres west of the Mall at Millenia in April to City Furniture, and has been formerly known as the Yogi Bear Campground, the National Spa and Resort timeshare project, and Eden Springs Resort project.
GrowthSpotter first reported in April 2016 that Greene's RG Development and Investments, an affiliate of property title holder DCS Real Estate Holdings, was working to refocus the future land use on Big Sand Lake, swapping out timeshare residential for multifamily in an effort to kickstart development after years of stagnation.
The Preliminary Subdivision Plan (PSP) was first submitted last September to Orange County, and remains under review by planning staff. The layout of seven planned lots and a 7-acre retention pond have changed a few times in recent months, adapting around a 19.39-acre conservation tract in the center for Boo Boo Lake.
That lot sale should close upon PSP approval. A national fuel station operator is close to signing a one-acre land lease fronting Turkey Lake Road (Lot 2), and DCS is "in active negotiations with a handful of quick-service restaurants" for two more one-acre lots, said Jared Ettinger of Berkshire Realty, marketing agent for the property.
The westernmost 9.98 acres (Lot 7) face Big Sand Lake, and are under contract to a national multifamily owner-operator for 286 apartments, which Greene and Ettinger have declined to name, citing a non-disclosure agreement.
The developer filed a Capacity Emcumbrance Letter (CEL) in late May with the county to faciliate the 286-unit apartment project.
About 5.5 acres across two prospective lots would remain for retail/dining, a hotel (up to 120 rooms) or medical office.