By Laura Kinsler, Growth Spotter
The South Florida-based GT Homes USA paid $51.5 million recently for roughly 700 acres Lake County’s Wellness Way area, just south of the Schofield Road and west of Cook Road.
The deal covered two transactions between sellers South Lake Crossings II (led by developer Jim Karr) for $37.5 million and the neighboring Catherine E. Ross Groves property, which sold for $14 million. CIBC helped finance the deal with a $33.475 million mortgage.
The acreage is agricultural but has a Wellness Way – Neighborhood future land use in the Lake County Comprehensive Plan. It’s sandwiched between the U.S. 27 District, which allows for high-density residential and nonresidential uses, and the employment center east of Cook Road. It also straddles the future Lake-Orange Connector toll road, which will have a full interchange at County Road 455 before merging with S.R. 429.
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