Davenport-based boutique real estate investment and advisory company Investors’ Realty withdrew plans to build a new mixed-use project in the small town of Oakland.
Oakland Ventures LLC, a company tied to Investors Realty, and led by the company’s chairman John Marling, submitted a Planned Development Master Plan application that included building up to 63,000 square feet of commercial space and 220 multifamily units on roughly 23 acres at 12705 and 15992 W. Colonial Drive.
But shortly after receiving pushback from Oakland residents who are opposed to more apartments, the applicant withdrew its application.
Plans for the multifamily portion would have consisted of five 4-story apartment buildings on about 10 acres. According to the submitted plans, the developer wanted to create an interconnected community that’s organized around the open space and amenities for the apartments. Features included private garages, carriage homes, dog park, pool and pool deck and a tot lot.
The commercial portion consisted of several single-story and 2-story commercial buildings sitting on about 9 acres fronting West Colonial Drive (S.R. 50).
Currently, the seven-parcel property is mostly vacant and primarily owned by Winter Garden-based Property Resources LLC, with the exception of one parcel at 15992 W. Colonial Dr., owned by the Russell Smith Trust. The 2.15-acre property contains the Lake Johns Motel Apartments and RV Park.
The proposed Oakland Mixed-Use Village PD, is located northeast of the intersection between Florida’s Turnpike and South Fourth Street. For plans to have gone through the developer would have needed a future land use amendment to Mixed-Use Activity Center, which is intended for urban-style, walkable mixed-use development.
Plans for Oakland Mixed-Use Village were withdrawn around the same time several active developments are taking place within the town of Oakland.
North of Johns Lake, a company tied to Cornerstone Residential Management LLC bought a 16-acre development site with entitlements to build up to 195 assisted living and independent living units, as well as eight large single-family homes. Plans also call for 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.
In the past, the Town of Oakland has primarily seen new single-family and townhome subdivisions. Its first apartment project is currently underway, less than a mile away from the Oakland Mixed-Use Village project, and is being developed by Unicorp National Developments.
The $90 million 342-unit Avenue at Oakland apartment complex is located northeast of Florida’s Turnpike and State Road 438. It’s part of a larger master-planned community developed by Dwight Saathoff’s Project Finance & Development. The first phase, built by Pulte Homes, consisted of 84 single-family homes and 100 townhomes.
If it were approved, Investor’s Realty’s Oakland Mixed-Use Village would have been the town’s second-only apartment community.
The town is a small jurisdiction that’s situated near the Lake/Orange County line and sits near the fast-growing Horizon West master plan community.
Investors Realty, formed in 1988, is an investment and advisory company that specializes in the acquisition, development, marketing, and management of real estate properties for a select group of clients, according to its website.
In Greater Orlando, its built The Gates apartments in ChampionsGate in 2017. Two years later, it sold the 308-unit urban-style multifamily complex to New York-based Bluerock Real Estate for $65 million.
More recently, Investors Realty built the 292-unit 14Fifty NeoCity luxury apartment community at Kissimmee’s NeoCity tech district. The project is now in its initial lease-up phase.
EDITOR’S NOTE: This story has been updated to inform readers plans have been withdrawn. The previous version wrote about the plans when they were submitted in August 2021.