Altamonte Springs-based custom homebuilder Rare Builders paid $1.4 million in late March for a lakefront acre in College Park, drawn by the prospect of subdividing to redevelop for multiple homes.
Located at 1516 W. Ivanhoe Blvd., the 1.17-acre property currently features a 64-year-old home with 6,548 square feet of conditioned area.
The property's sellers were J. Thomas Cardwell and Kathy Amick Cardwell, with Kathy having previously paid $293,000 in 1981 under a different surname. J. Thomas is a veteran attorney in Orlando, and the former CEO of law firm Ackerman Senterfitt & Eidson.
"We're looking at a few different options for the property, it has a great view of the (Lake Ivanhoe) in College Park," said CEO Andy Katzman. "We have to meet with the city and decide what kind of configuration we'd do if we went ahead with the replat."
Subdiving the property for up to three new single-family homes is likely, said Katzman, who noted he has equity and lending partners established for the project.
Rare Builders has done multiple infill redevelopment projects on lots scattered through College Park, most recently on a series of three single-family homes on E. Harvard Street completed and sold last August.
Sales of new homes by the company in College Park have run from $282,500 for townhomes built and sold in 2013, up through the mid-$600,000s for the homes on E. Harvard Street in August, and new construction being priced at $800,000 or more.