Maitland-based developer Ralph Singleton is pursuing entitlements and infrastructure for 75 acres directly south of Orlando International Airport and west of Lake Nona, an area primed for growth in the coming years as the airport's South Terminal takes shape.
"If you looked north of the current airport terminal and see all that (hotel and retail) development, this area south of the future terminal is going to develop just like that," Singleton told GrowthSpotter on Thursday. "Put a pushpin in this area on your map, it will be the most dynamic growth area soon in Central Florida."
Singleton Development owns two parcels totaling 75 acres at 14700 and 14730 Boggy Creek Road, bought through an LLC affiliate for $5.15 million in November 2012.
The property has been pasture land for more than 100 years and lies less than a mile south of the airport's boundary, and just south of intersections with S.R. 417, Boggy Creek Road and Lake Nona Boulevard.
Singleton recently filed a Land Use Plan for those 75 acres within the Tyson Ranch PD. Proposed use for a 28.3-acre parcel would be mixed, with up to 100,000 square feet of commercial, 250 hotel rooms, 275,000 square feet of office and 820,000 square feet of airport/medical support, and 5.66 acres dedicated as open space (20 percent of total).
Proposed use for the 47-acre parcel would be residential, with up to 750 multi-family units and 11.75 acres as open space (25 percent).
"We've always wanted to develop property near the airport. Lake Nona's medical center is an important element that will influence this property's potential, likely for airport or medical-related uses," Singleton said. "But in the meantime it has no water or sewer, and a basic two-lane road in front. So we're working on bringing entitlements there so in two to three years it will be ready."
An affiliate LLC of Singleton's company had previously owned the 114.69-acre parcel directly north of his current land on Boggy Creek Road, having bought it in May 2006 for $5.25 million. His firm sold it in June 2008 for $33.2 million to Adventist Health System/Sunbelt Inc., which plans a future Florida Hospital branch on the property at 14314 Boggy Creek.
"We've had at least two buyers make offers on this (75-acre) property but thought it was too early to sell. We want to get the necessary infrastructure in, and that will take two to three years," Singleton said. "Three years from now you'll be riding on a modern urban section of (Boggy Creek Road) there. The Osceola County Expressway Authority also plans to make their connection there on the east side of Boggy Creek Road to their future toll road."