With Orlando built out, developers set sights on Lake County

With Orlando built out, developers set sights on Lake County

2021-05-20T13:23:13+00:00May 20th, 2021|Economy, Orlando, Real Estate|

Writer: Catie Schwartzman

orlando2 min read May 2021 — The strong interest in Orlando’s real estate market shows no sign of slowing. In fact, it’s speeding up as developers hunt for vacant land — and the hunt is leading them to Lake County, the region’s rising hotspot.

“It’s as hot as that market’s ever been,” said Robbie McEwan, senior vice president of CBRE Group Inc, to the Orlando Business Journal. “The residential market is exploding out there.”

CBRE Group Inc. is marketing multiple properties in Lake County, including a mixed-use development in Clermont. Commercial real estate investment trust Parkway Property is planning a future mixed-use project southwest of State Road 50 and Magnolia Pointe Boulevard.

Thousands of homes are planned for development in Lake County this year. Brad Parker, a land expert with Longwood-based Southern Realty Enterprises Inc., said that the challenges presented by the more heavily developed areas of the Orlando region are the reason for the move to Lake County.

 “Lake County is getting hotter because trying to find land is very difficult right now,” said Parker to the Orlando Business Journal. “Orange County is going to raise fees. They’re going to push more development to the peripheral edges, like Lake and Osceola.”

The same reason motivated Altamonte Springs-based Wohlfarth Consulting Group LLC to develop 100 lots in Leesburg, Richard Wohlfarth, developer for the company, said to the Orlando Business Journal. 

PulteGroup is also taking advantage of what the area has to offer as their plans to break ground will commence this summer for 800 homes within the Hills of Minneola gated community. As property and space diminish in western Orange County’s Horizon West development, migration of developers is in action. 

“We have a significant number of communities open in that area right now, and they’re all performing extremely well,” said Pulte North Florida Division President Clint Ball to the Orlando Business Journal in regard to Minneola and Clermont development.

New real estate development is going to be key to Lake County’s continued economic and job development. As such, Lake County is working to demonstrate its value to businesses, with over 220 contracts up for renewal or bid as of May 11.

Lake County is providing access to these opportunities online. Angel de la Portilla, president of government consulting firm Central Florida Strategies Inc., said there are many benefits and perks for businesses that plant their flag within Lake County. 

As the state of real estate development is often an indicator of the overall economy of a county, Lake County hopes to translate its new development activity in real estate into overall economic prosperity.