UPDATED: SEPTEMBER 13, 2017 5:01 PM — Unicorp National Developments is venturing further into the luxury single-family home market with plans for 13 multi-million dollar lakefront lots in Bay Hill, and has yet to settle on a handful of custom builder and architecture partners for the project.
Located off Hubbard Place and Lady Bet Drive with frontage along Lake Tibet, the 16.59 upland acres under contract lie in a gated section of the Arnold Palmer Bay Hill Club & Lodge.
Unicorp and current land owners behind the Hubbard Family Trust filed a Preliminary Subdivision Plan on Tuesday for "Hubbard Place," which calls for 13 single-family lots of 1 acre or more.
"I've known Rial (Jones) for a few decades now, we've been friends a long time and it made sense to bring him on as one of my preferred builders for this," Unicorp CEO Chuck Whittall told GrowthSpotter. "I've spoken to the land owner for years about buying this property and they have never been interested in selling until recently."
The Hubbard Place custom homes are expected to range in size from 5,000 to 20,000 square feet with prices from $2.5 million to $15 million, said Whittall, who is considering building his family's own new home on one of the lots.
"There are no other lakefront opportunities like this on the west side of town and east side of the (Butler) lake chain, so we think there will be quite a big demand for these homes," he added. "We may do a spec home or two there to start, but we've been getting so much interest from buyers that we'll probably sell out before."
Unicorp will choose one or two more custom homebuilders in addition to Jones Clayton to partner on the Hubbard Place lots, and will have two to three designated architects for the homes, all selections that have yet to be finalized, Whittall said.
Along with the PSP review process, Unicorp is now preparing construction plans for submission.
The property is zoned Agricultural, and is undergoing a large-scale rezoning amendment to residential use. That should not face opposition from county officials, because the proposed development is for less units per acre than the Future Land Use Map allows.