xml:space="preserve">
xml:space="preserve">
Advertisement

Ohio-based developer eyes Lake Bryan site near Disney for mixed-use apartment project

Silver Hills Development wants to build a mixed-use project on 14.6 acres between S.R. 535 and Lake Bryan.
Silver Hills Development wants to build a mixed-use project on 14.6 acres between S.R. 535 and Lake Bryan. (Orange County Property Appraiser/GrowthSpotter)

Ohio-based Silver Hills Development, led by developer Seth Mendelsohn, is pursuing a project near the Disney theme parks and attractions that entails building a mixed-use community abutting Lake Bryan.

The property at 13725 S. Apopka Vineland Rd. and 13775 State Road 535 has long been marketed as a potential development site after a previous attempt to build an upscale condo-hotel floundered.

Advertisement

Principals with New York-based Azzurra Development hoped to deliver Planet Hollywood International’s first luxury brand ph Premiere resort on the site. For unknown reasons, the project stopped before any shovels were placed on the ground. Fortune International Realty, the brokerage assigned to pre-sell condo, cut ties with the project, and deposits were returned to early investors.

Silver Hills is imagining a mixed-use multifamily residential community on the location. The developer recently submitted a Preliminary Review Item in Orange County seeking to discuss the feasibility of such a project.

Advertisement
Insight on the timeline for another development in Orlando's tourism corridor that did not come to fruition, and the rich opportunity its land now offers.

Currently, the site is entitled to feature up to 1,186 hotel rooms. Its future land use of Activity Center Mixed-Use would allow hotel/resort, condominiums, timeshare, assisted living, commercial, retail and entertainment.

In total, the two-parcel property spans 14.6 acres and features ample frontage on Lake Bryan. The site, located less than a mile from a Walt Disney World entrance, sits within the Lake Buena Vista submarket.

A previous article by GrowthSpotter reported Azzurra hired Robert McEwan, senior vice president for CBRE’s Land Services/Hotels - Florida division, to market the land for sale.

Neither Mendelsohn nor McEwan was immediately available to comment.

Before starting his own company, Mendelsohn was a longtime executive with Goldberg Companies, the North Carolina firm that developed Legacy Union Square in Davenport.

Last year, Mendelsohn and co-developer Edwards Communities broke ground on the first phase of a 540-unit apartment project just off Universal Boulevard. The partners paid $9.1 million for the property at 5885 Lakehurst Dr. last year.

On the other side of Lake Bryan, luxury multifamily developer ContraVest is near completing its 266-unit Addison on Lake Bryan multifamily community at 12570 Splendid Place. The developer paid $7.5 million to acquire the 14-acre property in 2019.

Vertical construction on the first $90 million Sycamore Resort community in Kissimmee is slated to begin next month, with an expected opening date scheduled for next summer.

Nearby, on the southern shore of Lake Bryan, Orlando-based Primeland Development has plans to build its own Sycamore-branded hotel/condo resort community. The proposed 382-unit condo-hotel resort features three buildings ranging between six and eight stories in height.

Meanwhile, hundreds of acres around the 400-acre lake are still vacant.

Egypt-based real estate development and investment firm, Amer Group, has roughly 40 acres on the lake next to ContraVest’s project that can support resort and commercial/retail uses.

One of the largest landholders, PRN Real Estate & Investments, put about 172 acres around the lake on the market in 2019.

The property at and around 13300 S. International Dr. features a hefty amount of lake frontage and is entitled for 2,100 hotel rooms or timeshare units and over 300,000 square feet of commercial uses. The land has yet to sell and currently enjoys agricultural tax exemptions.

Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 491-3357, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement