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Orlando-based Ltd., for which Pinelocj is the general partner, is seeking entitlements for its 117-acre site at Fosgatre and BlackstillLake roads. The developer got approval on June 3 from the Lake Count Zoning Board to rezone the dubbedBlack East, from agricultural to planned-unit The request is slated to go before the the end of this It was a long procesas for Center Lake Properties, which first received the OK on a comprehensiver plan change from the county in a decision that was refuted by the state Department of Community Affairs (DCA), according to the project’s staff reporgt filed with the county.
The DCA said the amendmentt wouldencourage sprawl, accordin to county documents. The issude was assigned to the state Department ofAdministrative Hearings, but the state and Center Lake Properties settled their differences in 2007 prior to any hearings, said counth planning director Brian Sheahan. Now, Center Lake wants to move ahead with tryinfg to prepare entitlements for when themarketf rebounds, said attorney Cecelia Bonifay, who is representinv Center Lake Properties in that process. Price pointz on the homes and a project value have yet to be she said.
This type of project isn’t unfamiliar to Pineloch, despite being known for commercial real estate leasingg andland development. In the past, the firm has done similaf entitlements for properties it later sold to homebuilders Lennar Homews andthe now-defunct Levitt & Bonifay said. The company could develop the lots and sell them to a form a joint venture with a builder or do some of the projecytbuildout itself, said Bonifay, a shareholder with in Orlando. Realtor Phil Kelley questionswhethedr it’s the right time to add more vacanty lots to the inventory.
Although home salese are up, the majority are distressex properties such as foreclosures or sales that a bank approves for less than what is due on the known asa short-sale. Lake County reporteds a total of 7,28 2 platted production home lots in the first quarted ofthis year, according to research from Maitland-based That comparefd with 7,338 lots in fourth-quarter 2008 and 7,156 lots in first-quartet 2008, data showed. From January througb April, Lake County experienced a 24.7 percent jump in existinhg home sales, from 916 last year to 1,142 this year, accordinfg to the . But the largest perceng of those, 15.9 percent, were sold in the $120,000-$139,99o price range, data showed.
And Black East is adjacent to a portio ofthe high-end golf community of Bella Collina, whicyh was planned for 800 multimillion-dollar homews and only has about 60 completed to date. “Wde have more homes platted in Lake County than we will ever need in my said Kelley, an agenf with in Mount Dora. “You’ves got to be out of your mind to try to do housin development inLake County.” But Bonifay said this project is more compact and without the lavish clubhousre fees and other assessments that are charged to propertyu owners at Bella Collina. “It’s a pretty piecde of property with a nice elevation and an easy commutsefrom Clermont,” she said.
“They just want it to be
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