Site work has begun for a new 108-lot residential development on vacant land just east of the Sanford city limits.
Developers Sadique Jaffer and Bobby Luthra, acting through Ivanhoe Holding Group LLC, purchased the 28.61-acre project site from Seminole County Public Schools for $1.28 million on Aug. 30, according to a deed recorded Sept. 6.
Luthra told GrowthSpotter that J.E.L. Site Development of Winter Park will be finished with earth work at the site in about six months. Then the developers plan to sell the finished lots to a home-building company. Luthra declined to name the homebuilder.
The Seminole County Commission approved the development as part of the Cameron Heights Village planned development May 14. The development order for the property restricts overall density to 3.75 dwelling units or less per acre. Perimeter lots can be no less than 50 feet wide and 5,000 square feet in size. Interior lots have to be at least 40 feet wide and 4,200 square feet or more. The minimum house size is 1,400 square feet, per the development order.
The developer submitted construction plans to the St. Johns River Water Management District on Aug. 30. Both the district and Seminole County are now reviewing the final engineering site plan for the development and should approve it by the end of the year, said Matt Davidson, principal planner for Seminole development services.
The four adjoining parcels that make up the subdivision site are in the northeast quadrant of the Hughey Road-North Beardall Avenue intersection. Residential subdivisions surround the property to the west and south. D.R. Horton acquired the property east of Beardall in July and has renamed its portion of the community Riverbend. Much of the land to the north and east is vacant, as shown on maps in the Seminole County Property Appraiser’s Office.
The Seminole school system designated the land as surplus in 2012, said Joseph Ranaldi, the system’s executive director of operations.
“We had it out on the market for a while,” Ranaldi told GrowthSpotter. “We were approached by Bobby Luthra. We understand that area has a number of residential developments happening around the property, and this would be an ideal spot to complete the whole block by either selling or developing it.”
The school system acquired the property in exchange with another developer for impact fee credits, Ranaldi said.
“They knew we were looking for 30 acres to build a combined elementary and middle school,” Ranaldi said of the swap.
But the school system found another parcel that it liked better on State Road 46 at Brisson Avenue. Midway Elementary, Millennium Middle School and the Midway Transportation Complex were built there. That made the property on Hughey Road superfluous.
Bobby Luthra and Sadique Jaffer are listed as directors of operations for Orlando-based PIB Land Development and Investments. The rest of the leadership team consists of Mohammed Jaffer, vice president, and Vijay Luthra, chairman/CEO.
PIB owns more than 4,000 residential lots and over 5,000 acres in Central Florida, according to the company website. The company also says it owns income-producing industrial warehouses, retail shopping and other developments.