The developer behind a big mixed-use project in a fast-growing Lake County suburb has revealed it has more land under contract — an acquisition that, once closed, will make the development nearly 40% bigger than first reported and worth $300 million at completion.
Orlando-based Green Slate Land & Development has an additional 44 acres under contract for its Groveland Square project. This will enhance the existing 117-acre assemblage at the southeast corner of U.S. 27 and State Road 19, in Groveland, adjacent the city’s Ford Commerce Park and near its interchange with Florida’s Turnpike.
That’s according to Ike Cottle, president and CEO for the local firm, who told Orlando Business Journal that the additional land will allow the developer to grow its commercial component, closest to the intersection of U.S. 27 and S.R. 19, to 18 acres, as well as to add a second multifamily site to the project.
This is important, he explained, because the land being purchased is already entitled, meaning prospective multifamily developers will be able to ramp up work quicker than is typically the case — especially in Lake County, where apartment projects can sometimes face strong pushback.