Developer Randall F. Greene has lined up a large self-storage operator for a portion of his affiliate's 64.89 acres on Turkey Lake Road in the tourist corridor, and filed a Preliminary Subdivision Plan Thursday with Orange County that better shows how retail, hotels and multifamily may occupy the property.
GrowthSpotterfirst reported in late April that Greene's RG Development and Investments, an affiliate of property title holder DCS Real Estate Holdings,was working to refocus the future use of the land on Big Sand Lake, swapping out timeshare residential for multifamily in an effort to kickstart development this year.
Located at 9200 Turkey Lake Road just a few hundred yards north of Westgate Lakes Resort, the property features about 46 developable acres.
It's one of the last large undeveloped tracts remaining on Interstate 4 in the tourism corridor, and has been formerly known as the Yogi Bear Campground, the National Spa and Resort timeshare project, and Eden Springs Resort project.
In subdividing the property into seven lots, the PSP introduces a new road that will run through two-thirds of the property. A road cut and signaled intersection are already in place within the parcel, Greene told GrowthSpotter on Friday.
The property will be divided up by 20.18 acres for commercial (148,600 square feet), 7.33 acres for hotel (120 rooms), 5.03 acres for spa and recreation area (60,000 square feet), 9.98 acres for multifamily (286 units), and 22.37 acres for the two lakes.
Lots 1-6 (14.23 acres overall) on the property's east, fronting Turkey Lake Road, will all be commercial/retail. The developer has a contract for a "high-end air-conditioned self storage facility" on Lot 5, Greene said.
Small retail spaces should occupy Lots 2-4, with an LOI in hand and lease negotiations underway from two national brands, he added.
On the property's rear facing Big Sand Lake, Lot 7 (9.98 acres) is reserved for multifamily. A national apartment owner-operator is under contract to develop that lot, said Greene, who declined to name the buyer due to a non-disclosure agreement.
Two hotel users have inquired about building branded hotels, one a select-service flag and the other a full-service, likely via land lease or a development joint venture, he said. Whole or portioned lots with lakefront access are favored for the hotels.
Greene's previously filed LUP-PD amendment should go before County Commissioners in September for approval. It would reduce timeshare residential from 329 units to zero, and increase multi-family residential from zero to 286 units.
Once that PD is modified for multifamily, the contract purchaser could file a development plan.