Lake Orlando Project to Transform 128 Acres Inside Rosemont Neighborhood
A new 128 acre urban development in the works called Lake Orlando will "transform the entire community of Rosemont into the most dynamic, urban, and inclusive community with abundance of green parks in the city of Orlando," according to its developers, Lake Orlando Land Owner, LLC.
The new project will be a pedestrian friendly "urban oasis" with grocery stores, food markets, social seating areas, retail, public art, smart parking garages, shared bike paths, walking and running paths, sustainable construction and more according to its website.
It will be built on the site of the now-shuttered Lake Orlando Golf Club at 4224 Clubhouse Road (MAP). The golf course closed in 2014 and was sold to Lake Orlando Land Owner, LLC in July 2019.
Several Central Florida golf courses faced similar closures around the same time according to Orlando Sentinel. In 2014, Tom Stine of Golf Datatech told the Sentinel that he felt golf courses built in Orlando around 1999-2014 were "doomed from the start" because most were built as "amenities for a housing development" and not built based on current and future demand. Decreased interest in the sport of golf and the effects of the recession were also cited as possible causes for all the closures.
Some golf course properties are required to remain golf courses even after they are sold to new owners due to deed restrictions. This golf course is not required to remain a golf course post-sale.
The property has multiple frontages on other surrounding streets including S. Lake Orlando Parkway, N. Lake Orlando Parkway, Lake Breeze Drive, and Rosamond Drive.
The 128 acre property is located within the 1.81 square mile Rosemont neighborhood. Rosemont is mostly made up of small to medium sized apartment complexes and single-family homes according to the City of Orlando. It's home to an estimated 9,279 people. It's approximately 46% residential and 56% mix of non-residential land uses according to the Lake Orlando developer. The neighborhood is "conveniently positioned along a strong road network, resulting in great potential for numerous commercial development and housing redevelopment opportunities," according to the City of Orlando.
Rosemont encircles the 183 acre Lake Orlando. There is over a mile of waterfront along Lake Orlando, including a two acre peninsula that extends into the lake.
The neighborhood, one of Orlando's first master plan developments, was created in the early 1970s when MGIC Development Corporation purchased 750 acres of undeveloped land to create "a new town within Orlando" according to Orlando Sentinel.
Rosemont is located in an opportunity zone. Opportunity Zones enable developers to get preferential tax treatment in exchange for developing in economically-distressed areas. The zones are designed to spur economic development and job creation while at the same time lessen expenses for developers.
From the property owner's website: "In order to capture the full benefit of Opportunity Zones, an Opportunity Zone investor has to erect a structure within 55 months from acquiring a real property and stay invested for at least 10 years." It goes on to say the owner "will have to oversee the entire project from start to finish over a 10-year period."
Many business types are not allowed in Opportunity Zones including golf course, country club, massage parlor, "hot tub facility," suntan facility, racetrack or other facility used for gambling, or any store the principal business of which is the sale of alcoholic beverages for consumption off premises.
No construction start date has been announced.
Learn more about Lake Orlando development HERE.