Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LEESBURG, FL-Not especially known for luxury condominium living, this largely agricultural and citrus community of about 20,000 permanent residents, 45 miles northwest of Downtown Orlando, may be getting its first condo undertaking next year if city and Lake County commissioners approve the venture.

Orlando-based Royal Palm Homes has submitted preliminary development plans to the city that call for three eight-story buildings totaling 189 units that would sell for $200,000 to $400,000. Area construction sources tell GlobeSt.com the project can’t be built for less than $100,000 per unit or a total estimated hard construction cost of $20 million. The average living area in the condos would be 1,600 sf to 2,400 sf.

Before the project can get started, the city will have to approve the developer’s rezoning request on the 30-acre site south of Dixie Avenue and Lake Street and north of Lake Harris. Royal Palm Homes has built a comparable condo community in Casselberry and has another condo venture, the 18-story Sanctuary, under construction in Orlando at East Church Street and Eola Drive.

Royal Palm Homes and Orlando-based Historic Creations Inc. last week jointly purchased a 2.6-acre tract at Orange Avenue and Colonial Drive in Downtown Orlando for an estimated $4 million or about $1.5 million per acre. At an estimated $90.90 per sf, the per-sf-price is a record for Downtown dirt, as GlobeSt.com previously reported. Doing business as Midtown Development LLC, Royal Palm and Historic Creations haven’t announced plans for the Downtown site.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.