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Randall Greene to refocus tourism corridor land for apts, hires broker to push retail

Highlighted in blue is the 65-acre parcel on Turkey Lake Road, north of Westgate Lakes Resort and directly west of Interstate 4, and International Drive's Pointe Orlando and the Orange County Convention Center.
Highlighted in blue is the 65-acre parcel on Turkey Lake Road, north of Westgate Lakes Resort and directly west of Interstate 4, and International Drive's Pointe Orlando and the Orange County Convention Center. (Orange County Property Appraiser)

Developer Randall F. Greene wants to refocus the future use of his affiliate's 64.53 acres on Turkey Lake Road in the tourist corridor from timeshare to multi-family, and hired Berkshire Realty within the past month to start marketing the property's frontage for retail.

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 been formerly known as the Yogi Bear Campground, the National Spa and Resort timeshare project, and Eden Springs Resort project.

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One of the last large undeveloped tracts remaining on Interstate 4 in the tourism corridor, the site boasts frontage on Big Sand Lake, with the smaller Boo Boo Lake set in its center.

Owned by Greene affiliate DCS Real Estate Holdings, the parcel was originally approved for 1,500 timeshare and hotel units that would have been the focus of its development, with commercial frontage. Approved uses were vested after payment for traffic impact, and now changes to the Land Use Matrix are being sought.

Greene's RG Development and Investments has filed a Land Use Plan amendment request with Orange County to reduce timeshare residential from 329 units to zero, increase multi-family residential from zero to 286 units, and maintain commercial at 148,600 square feet, hotel use at 120 rooms, and spa/recreation/sales at 72,000 square feet.

"We've had substantial interest in the property from all kinds of users, and have had some retail partners in hand, though no signings yet," Greene told GrowthSpotter.

The amendment would transfer 9.98 acres of timeshare use to multi-family, while commercial and hotel would maintain 20.18 acres, spa and recreation 5.03 acres, and 22.37 acres would still be covered by the two lakes.

Within the past month, Greene hired John Park and Jared Ettinger of Berkshire Realty to market the commercial property for retail. Site plans are now being developed for new marketing materials.

The level of retail interest in the coming months could lead Greene to return to Orange County to try and adjust the LUP matrix for the parcel again, Ettinger said.

"I think it's one of the last remaining interstate corridor retail properties out there, with Ferrari/Maserati going in on the property near Millenia that UP Development bought," Ettinger said Tuesday. "We're taking it to market, and are very excited about its close proximity to the tourist corridor and Dr. Phillips."

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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