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OSTEEN, FL-In what area industrial brokers characterize as the most ambitious residential development ever attempted in Volusia County, developer George L. Hart has outlined an estimated $1-billion condominium golf-oriented community on 400 acres.

"It's smack in the middle of nowhere," a Daytona Beach broker who has worked the area for 30 years tell GlobeSt.com. The City of Deltona recently annexed the 400 acres just east of State Road 415 and Doyle Road. Hart plans 4,800 condo homes about 40 miles northeast of Downtown Orlando and about 30 miles south of Daytona Beach. Osteen is 10 miles south of Deltona.

Despite the site's rustic characteristics, Hart has told City of Deltona officials in an informal letter he is prepared to close on the land if the city will approve the proposed development. Hart couldn't be reached by GlobeSt.com's publication deadline. However, a Deltona city planning department staffer tells GlobeSt.com Hart hasn't yet submitted a formal development plan and the city and county haven't determined the best use for the land.

Still, Hart has told Deltona officials he also plans to buy 123 nearby additional acres to develop about 90 acres of commercial space, a project local retail brokers tell GlobeSt.com could reach $100 million in hard construction costs. Hart's letter to the city also outlined plans for an 18-hole golf course and a 30-acre sewage treatment plant on the condominium site.

While Hart awaits approvals on his project, another new residential condo community is being planned for Downtown Orlando where a total 10,000 condos are either planned, under construction or preparing to surface in the next 24 months, according to city management officials.

Brothers Hunter and Chance Gordy, whose Real Estate Inverlad company recently completed the 52-unit Jackson condo conversion on Jackson Street, plan to break ground this spring on the first of two buildings at Eola Drive and East Church Street. The first 12-story structure will have 146 units and 15,000 sf of retail at 101 Eola. The second building at 201 Eola, between Church and Mariposa Streets, will have 70 homes. Area construction sources tell GlobeSt.com the estimated hard construction cost of the two projects will be at least $25 million. The Gordy brothers are also converting the former 502-unit Lakepointe Apartments off Hattaway Drive in Altamonte Springs into condo homes.

Instant Insights /

Developer Plans $1B Condo-Golf Community in Rural Volusia County

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