More than $1 billion in new development is planned for the area whose 27,000 permanent population is growing at a 10% annual clip, local land planners tell GlobeSt.com. National retailers, such as Wal-Mart Stores Inc., follow the population numbers closely eager to capitalize on a new market, area retail brokers tell GlobeSt.com.
Wal-Mart, for example, plans to open a 204,000-sf, $12 million Supercenter staffed by 450 employees. The site is just north of US 192 and US 27, part of the 728-acre Cagan Crossing subdivision. The subdivision has 1,000 apartments and is zoned for a total 8,000 units in South Lake County.
Cagan's Town Center, under development, will have 114 apartments, 150 townhomes and an undetermined amount of retail and restaurants.
Meanwhile, Greater Homes of Altamonte Springs, FL is in the third phase of a planned four-phase Orange Tree development comprising 380 townhomes and single-family residences plus an undetermined amount of commercial.
Another developer, Robert Secrist, is assembling tracts near US 192 where he hopes to develop Lake Hart/DIO, a planned 376-acre, 653-home community of townhomes and single-family houses northeast of Country Road 474 and US 27. That project has been in the pipeline for seven years.
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