An Oviedo developer plans “ultra high-end” town homes for two parcels totaling one acre that his company recently bought on Winter Park’s N. Park Avenue, with prices of the residences to potentially rank as Central Florida's most expensive for their type.
Gregg Hill, head of Oviedo-based Hill Gray Seven, told GrowthSpotter on Wednesday the two adjacent apartment complexes on the property will be torn down, and replaced with brick residences modeled after New York City’s stately brownstones.
Located within walking distance of Winter Park Country Club, the residences will be “ultra high-end, and have all the features of a $20 million or more home,” Hill said.
The planned development “is something Central Florida has never seen, and has needed for a long time,” he added.
Hill declined to elaborate about amenities and also would not discuss the town homes' future prices.
But he did suggest they would be quite expensive, with the price per square foot significantly high. The median price per residential square foot in Florida is $120, according to the market research of Discover.com.
The town homes will be built on the apartment sites at 633 N. Park Ave. and 651 N. Park Ave., which Hill Gray Seven acquired for $5.1 million on Jan. 11 from LLC affiliates of Guy Colado, a Winter Park native who is president and CEO of Commerce National Bank & Trust.
Hill hinted at a similar project for another Winter Park location, but did not specify the site.
The two Park Avenue properties that Hill Gray Seven bought are currently home to the eight-unit Golfview Apartments and the Spanish Oaks Apartments, which have a similar number of units.
The Golfview apartments were built in 1971, and the Spanish Oaks development in 1969.