The 16-acre property, located at and around 17812 W. Colonial Dr., sold for $7.7 million, according to a recently recorded deed in Orange County. The buyer, Cornerstone Group Development LLC, is a subsidiary of the Hollywood-based real estate company, The Cornerstone Group, which lately specializes in building affordable rental units and mixed-use projects.
Last month Cornerstone broke ground on Platform 3750, a transit-oriented mixed-use development in Miami that consists of workforce housing units, 21,000 square feet of retail space leased to Aldi and Starbucks, and 29.500 square feet of office space.
Principals at the company, led by Lenny Wolfe, did not respond to requests for comment.
Bobby Luthra, director of operations at PIB Land, told GrowthSpotter the site sold with pad-ready commercial parcels fronting Colonial Drive that can accommodate a 6,000-square-foot sit-down restaurant, a 3,500-square-foot quick-service restaurant, 20,000-square-feet of retail space, and a 5,000-square-foot bank.
Dubbed Johns Lake Point, the project also features entitlements to build up to 195 assisted living and independent living units, as well as eight large single-family homes by the lake.
The assisted living facility could potentially be replaced with a hotel. Luthra said prior to the deal the company secured an agreement with Marriott to possibly bring one of its brands to the area.
PIB Land, headed by Sadique Jaffer and Luthra, bought the site in lieu of foreclosure in 2019, after its previous owners Gary and Dana English, filed for Chapter 11 protection in U.S. Bankruptcy Court.
The couple owed about $2.1 million on the property. Previously proposed plans for the site included building up to 242 apartments, but the proposal was rejected by commissioners about two years ago.
Records show a company tied to Khalil bin Laden, one of Osama bin Laden’s 54 siblings, bought the house for vacationing in 1980 for a little more than $1.6 million. The wealthy business owner and his family fled the property under police escort a few days after the terrorist attacks.
Cornerstone is a partner for two multifamily developments in Central Florida, including Urbon at Lake Nona, a planned 360-unit multifamily community on the southeast corner of Dowden Road and S.R. 417, just outside the bounds of Orlando’s Lake Nona master-planned community.
Records show Brookstone Nona LLC began site work construction for the 19-building multifamily community in October. The project includes building a clubhouse, garages, a maintenance building, two parks, and a new connector road.
Urbon at Audubon Park, another Cornerstone-backed apartment community, was completed last year at 825 Mccullough Avenue. The 361-unit development features a resort-style pool and dog park with dog washing stations.
The town of Oakland is a small jurisdiction that lies near the Lake/Orange County line and sits near fast-growing neighborhoods in Orlando, Horizon West and Winter Garden.