A development affiliate of Maitland-based Bellavista Building Group has nearly 8 acres under contract south of the Grande Lakes Resort property on S. John Young Parkway, with prospects for 60 townhomes that would complete a condominium complex stalled during the recession.
The project would occupy 7.66 acres at 12228 Triton Lane, a third phase of the Fountains at Crystal Creek condominiums that lie west of John Young Parkway and north of Central Florida Greeneway.
"We're doing our due diligence now on it, and our conversation with Orange County will be to confirm what we can do there without going through too much hassle," president Aldo D. Martin told GrowthSpotter on Friday. "We like the location, think it has a lot of upside, but many have looked at this property in the past and haven't been able to make it work."
The current land owner is Redus One, LLC, an affiliate of Wells Fargo Bank out of Charlotte, which took the land via foreclosure in October 2014.
The Fountains at Crystal Creek condo community was started in 2008 with 55-plus age restrictions applied, and 54 townhomes completed. The unbuilt Phase 3 has entitlements for up to 60 more units, and the bank affiliate had the age restriction removed by Orange County in 2015.
"We see a demand for reasonably priced fee simple townhome product in that area," Martin said. "The models they did there previously look good, we wouldn't deviate much from that architecturally."
The footprint of current townhomes range from 1,800 to 2,100 square feet, with three to four bedrooms, two to three baths and rear-loaded garages.
Bellavista's new product would follow those sizes, and potentially be priced in the mid-$200,000s, said Martin, pending construction costs.
Martin will have a pre-app meeting with Orange County staff this coming week to learn how easy platting of the property will be, which would determine if Bellavista could break ground in late First Quarter 2017 or Q2.
Projected total investment in the project is $10.5 million, Martin said. Bellavista's deposit on the contract goes hard in early January, with a closing later in Q1.
Bellavista would self-fund the land acquisition and seek financing for the construction, he said.
Martin's partners in Bellavista are Dennis Perez as COO and Steven Hiss as CFO, both of whom previously held those positions with Engineered Homes of Orlando. Martin was formerly the president of Rey Homes, and later Infiniti Housing. The three have more than 20 years each in residential development, and more than 5,000 lots developed overall.
Bellavista is currently serving as GC on developer Feltrim Group's the Balmoral at Waters Edge resort in Four Corners, delivering the first units this week, Martin said. It also built Feltrim's The Fountains at ChampionsGate, and will break ground on the Crescent Condominiums in Reunion in Q1.
Directly northeast of the townhomes site, 2.89 acres on Crystal Commerce Way are the target for a new standalone Crystal Creek Animal Hospital of 6,672 square feet.
A new Development Plan for the animal hospital is under review by county planning staff. The facility would be an expansion and relocation for the business, which is currently leasing space in a strip mall directly east on John Young Parkway.