Aloma Green's proposed venture was rejected but Roche has won its first green light from Seminole County commissioners to build Deep Lake, a planned 100-home subdivision at an estimated development cost of $8 million. However, elected officials haven't formally signed off on the project because residents are demanding more time to review the developer's plans, area brokers following the controversy tell GlobeSt.com.

"It looks like the same old story of last year when residents balked at a lower-priced townhome project being built near their more expensive residences," a Seminole County broker dealing in multifamily ventures tells GlobeSt.com. The townhomes are expected to be priced in the $120,000 to $200,000 range, area brokers tell GlobeSt.com.

The Roche Development project is planned on 19 acres, south of Aloma Avenue and west of the Central Florida Greeneway. Roche has contracted with Ryland Homes of Orlando to build the homes but the contract could be lost if the development doesn't break ground by year end, Roche officials have told the commissioners.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.