yqyqynesara.blogspot.comOrlando-based Ltd., for which Pineloch is the general is seeking entitlements forits 117-acre site at Fosgatde and Blackstill Lake The developer got approvaol on June 3 from the Lake County Zoning Board to rezone the property, dubbe Black East, from agricultural to planned-unit development. The requestt is slated to go before the the end of this It was a long process for Center Lake which first received the OK on a comprehensivre plan change from the countyin 2003, a decision that was refutedx by the state Department of Community Affairs (DCA), according to the project’s staff report file with the county.
The DCA said the amendment woulfencourage sprawl, according to countgy documents. The issue was assigned to the states Department ofAdministrative Hearings, but the county, statew and Center Lake Properties settled their differencesd in 2007 prior to any hearings, said county plannint director Brian Sheahan. Now, Center Lake wants to move ahead with tryint to prepare entitlements for when the market said attorneyCecelia Bonifay, who is representing Centetr Lake Properties in that process. Price pointsd on the homes and a projecrt value have yet to be she said.
This type of project isn’t unfamiliat to Pineloch, despite being known for commercial real estated leasing andland development. In the past, the firm has done similar entitlements for properties it later sold to homebuilders Lennar Homes andthe now-defunct Levitg & Sons, Bonifay said. The compan y could develop the lots and sell them to a form a joint venture with a builder or do some of the projec tbuildout itself, said Bonifay, a shareholder with in Orlando. Realtor Phil Kelley questionswhether it’s the rightf time to add more vacant lots to the inventory.
Althoughj home sales are up, the majority are distressed propertiese such as foreclosures or sales that a bank approves for less than what is due on the known asa short-sale. Lake County reported a totalk of 7,282 platted productioh home lots in the first quarter of this according to researchfrom Maitland-based That compared with 7,3388 lots in fourth-quarter 2008 and 7,156 lots in first-quarterf 2008, data showed. From January throughh April, Lake County experienced a 24.7 percenty jump in existing home sales, from 916 last year to 1,14 this year, according to the . But the largest percenty of those, 15.9 percent, were sold in the $120,000-$139,99 price range, data showed.
And Black East is adjacent to a portion ofthe high-end golf communitgy of Bella Collina, which was planned for 800 multimillion-dollad homes and only has about 60 completedx to date. “We have more homes platted in Lake County than we will ever need in my said Kelley, an agent with in Mount Dora. “You’ve got to be out of your mind to try to do housint development inLake County.” But Bonifay said this projectf is smaller, more compact and without the lavishb clubhouse fees and other assessments that are charged to propertgy owners at Bella Collina. “It’s a prett y piece of property with a nice elevation and an easy commutrfrom Clermont,” she said.
“They just want it to be
