Winter Park developer Chris Hughes of Wekiva Capital Partners has 1.67 acres under contract for future townhomes in Winter Park within walking distance of three prominent retail centers.
The four contiguous parcels lie between Gay Road and Trovillion Court, directly south of the Winter Park Shopping Center now under redevelopment on the southwest corner of Lee Road and N. Orlando Avenue (U.S. 17-92).
Hughes has the land under contract in an off-market deal from Kathleen Bond, who inherited the family assets. Two of the parcels require rezoning to R-3 to match the others, an application currently under review by the city.
"The location is ideal because of the amenities surrounding it," Hughes told GrowthSpotter on Wednesday. "Winter Park Village is nearby (directly east), there's the rebranding of the shopping center to the north and then the development of Ravaudage north of that."
In consideration for the property's development is a small enclave of 25 to 28 townhomes for rental or sale, or possibly a memory care facility, Hughes said.
"At the moment we're learning toward high-end rentals," he continued. "We don't think there's another community in Winter Park that would offer what we'll be offering, and we think it's walkable to so much (retail) it should do very well."
Hughes is now looking for a joint venture partner or equity partner on the project, preferably someone with development experience. A master plan has yet to be produced and submitted to the city.
A portion of Wekiva Capital Partners' deposit on the land has gone hard, said Hughes, and he has until end of year to close. He may develop this property after rezoning and entitlement, or sell it to a final developer.
Hughes has not hired a civil engineer or architect yet for the project, though noted he's likely to work with Klima Weeks Civil Engineering after past experience.
Other projects Wekiva Capital is working on locally include plans for cottage rental houses to serve Rollins College students. Hughes said construction plans are nearly complete and groundbreaking is targeted for November.
And a 2-acre parcel under contract in Longwood should close in November, and is being marketed to retail users.