Locally based Sandy Ridge Development LLC paid $15,486 per acre or about 36 cents per sf to an Orlando investor group headed by Less Dabbs, trustee. A new residential community is on the drawing boards.
Susan Lawrence, president, Real Estate Strategies Inc., and Christie Alexander of Realvest Partners Inc., formerly with Carter & Associates, negotiated for the seller and brokered the entire transaction.
"Just a few years ago, this area consisted of groves and farmland," Lawrence tells GlobeSt.com. "With the advent of mega mixed-use developments, including the 2,300-acre Reunion Resort and Club, and the 1,200-acre Championsgate project, more interest has focused on the area and more new developments are in planning or under development."
For example, Detroit-based Pulte Homes is purchasing 138 acres for a new development on County road 545 (Old Lake Wilson), just south of the Westgate timeshare resort, owned and created by Orlando developer David A. Siegel. Celebration, FL-based developer Bobby Ginn recently announced Siegel will be developing high-end timeshare units at Ginn's Reunion Resort.
Greater Homes and Construction Co. of suburban Altamonte Springs, FL is expanding its presence in the market with the new 462-unit Indian Creek community, next to its sold-out 600-unit Indian Ridge and the 307-unit Indian Ridge Oaks communities.
"Part of the appeal of the area is the proximity to the main gateway to Walt Disney World on US 192, about three miles north of Interstate 4, via County Road 545," Lawrence tells GlobeSt.com. "Another key factor is that Old Lake Wilson Road (County Road 545) is scheduled to be four-laned to accommodate additional traffic due to nearby development and the construction of the Western Beltway, directly to the west."
The Western Beltway will link the area directly to Lake County, terminating at State Road 50 in Clermont.
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