Lennar, one of the largest homebuilders in the United States, recently acquired about 70 acres of land—for approximately $26.25 million— near I-Drive, one of Orlando’s main tourist corridors. According to an article published in GrowthSpotter, the homebuilder plans to develop a resort that will feature a water park at its center.
The area is located south of where Dezer Development, headquartered in South Florida, is redeveloping the former Artegon Marketplace into Dezerland, a mixed-use entertainment project that will consist of a 500-car museum and luxury apartments.
Lennar has been seeking an opportunity to develop one of its short-term rental communities in the country for some time. In August, GrowthSpotter reported that Lennar had filed plans in Orlando to build up to 62 single-family homes, 200 vacation townhomes, and 240 resort condos.
The project, which has yet to be named, will be the first of its kind developed by Lennar in the city of Orlando, said Brock Nicholas, president of Lennar's local division. The plans for the development are modeled after its Storey Lake community in Osceola County, where vacation homes surround an amenities center featuring a water park.
According to the project description, the International Drive resort community will consist of units ranging in size from 1,000 to 5,000 square feet.
As part of the agreement, Lennar is also working with the seller, I-Drive Investors LLC—which is partnering with Coral Gables-based Southern Hill Real Estate—to develop land retained by the seller in the northwest corner of the property. The 8-acre site is zoned to include 300 hotel rooms, 45,000 square feet of restaurant space, and 60,000 square feet of retail space. More detailed plans are likely to be released by the second quarter of 2020.
The acquisition of land on I-Drive is part of a series of purchases Lennar has made for similar projects. Last year, Lennar purchased more than 320 acres adjacent to its Story Lake project so it could build a sister resort community consisting of 570 homes called Shingle Creek.
Earlier this year, Lennar also expanded the ChampionsGate Country Club and resort properties by 156 acres. With this acquisition now complete, the homebuilder has more than 1,400 other properties under construction at ChampionsGate.