LANCASTER PARK WEST
193 ENGINEERED SINGLE FAMILY LOTS, ST. CLOUD, FL

Trevor Hall was recommended by an Orlando area CFO to 623 Partners LLC with regard to a project in Osceola County. Lancaster Park was a 700 lot single family Planned Development and future subdivision approved in 2007. The initial developer faltered and the lender sold various note positions secured by portions of the project. 623 purchased the debt securing 8.6 acres of commercial frontage on US 192 at a dirt road, Nora Tyson. Pod B was included, comprised of 56 acres of land originally approved for 193 fifty-foot wide single-family-detached lots. Colliers was retained near the end of the foreclosure.

Trevor had other residential lot assignments in different jurisdictions but had never worked in St. Cloud. He reached out to various contacts engaged in that segment of the land market, fulltime, and teamed up with the strongest of those, a top-notch land broker. Trevor’s pitch was: “You know exactly who will be the highest, best and most capable developer / homebuilder / buyer. Let’s rifle shot that one group, in this case Ryland, and deal solely with them until it succeeds, or not.” A PSA was entered into in early 2013 for Pod B, at a strong per-unit price, with a year-end projected closing.

CHALLENGE

Trevor then oversaw, for the landowner, the pre-development effort, working with Ryland staff and their consultants, all at no cost to his client. Key factors were: Numerous right-of-way exactions / dedications needed for perimeter roads, trunk infrastructure cost allocation, renewal of the jointly-held SFWMD storm water permit, outfall drainage provisions onto the commercial tract, soil contamination in the former grove, incorrect survey data and a previously-undisclosed road exaction, County.

Due to the fact this was a foreclosure and the new owner had zero knowledge of these details, it was a quest to get the facts. The co-broker was able to arrange Ryland’s contract to purchase Lancaster Park East, 500 units. That sale closed, but the investment committee rejected Pod B. Site plan approval process had suffered delay, due to confusion as to legal descriptions regarding right-of-way required by the County. West was behind schedule. East was also priced well below West on a per-unit basis. So we re-grouped.

In order to continue the pre-development approval process without further delay, land use counsel and the planning firm for Ryland were retained by 623 after conflict waivers.

The Planned Development R/W issues were resolved with the surveyor and the County. Community meetings were held and objections were dealt with. Result was City approval of the Planned Development. Given this zoning approval, Colliers set up a series of meetings with short-listed firms and went to contract with the highest and most capable developer at a price well above what Ryland paid for East. Note that all 193 lots were approved.

RESULTS

The new developer / buyer then paid for engineering and permitting, with a variety of issues needing resolution. Colliers continued to serve as owner’s agent, continually monitoring and assisting as needed. The only costs to seller were legal and a 2007 County-imposed road exaction that will be funded at closing.