Luxury lakefront community Carmel comes together
didn’t happen instantly, but Unicorp National Developments’ luxury residential community Carmel is finally realizing its return on investment, though even its own developer admits the numbers didn’t make too much sense.
“It was not a very profitable deal, but it was a deal done out of passion and love for the property,” Unicorp’s Chuck Whittall told GrowthSpotter in an email inquiring about the numbers. “It will be a special place to live.”
Whittall is in the midst of building out his own abode in the community — a 20,000-square-foot two-story mansion on the largest lot at Carmel, spanning a total of five acres with panoramic views of Lake Tibet. The transitional-style home will contain seven bedrooms, 11.5 bathrooms, a large pool and dock.
Redeveloping the 18-acre property has been a personal mission for the developer, having spent more than 15 years pursuing the land at 9000 Hubbard Place and dishing out $18 million to purchase it in 2019.
The deal is still considered one of the highest prices paid for a residential property in Central Florida, according to Stellar MLS data collected by Orlando Regional Realtor Association.
The deal was made complicated when it became apparent the property contained a Native American burial mound. The developer had to work with state officials, cataloging agencies, representatives of Native American tribes and a state archaeologist to carefully excavate any possible leftover remains and cultural items.
Initial remains found in the site by early settlers and any newly discovered artifacts were safely repatriated and cataloged. The remains were buried on-site after the initial lot count went down from 13 to 11.
Lakefront lots fetched around $2 million, while interior lots sold for a little less than $1 million. The highest price paid for a pad within Carmel amounted to $2.05 million, according to Orange County records.
All 11 lots within the upscale community, which juts into the waters of the Butler Chain of Lake, are spoken for and will feature custom homes by Jones Clayton Construction and Phil Kean Design Group, with the exception of Lot 2 where Whittall is teaming up with TJ Davila of Davila Custom Homes to build a house on spec that will be put on the market for $3.3 million, Whittall said.
Pinstripes bowling comes to town
Upscale bowling alley Pinstripes will open its first Orlando location in the heart of the tourism corridor at the Vineland Pointe shopping center.
The growing “eatertainment” chain has signed on to lease 21,000 square feet in Phase 2 of the shopping center, anchored by Target. O’Connor Capital Partners, the owner-developer of Vineland Pointe, has filed updated site plans with Orange County to account for the new, two-story building.
The developer is also in for permits to begin site work for the new Shake Shack and Chickfil-A
restaurants set to rise in that quadrant of the development.
Based in Northbrook, Illinois, Pinstripes combines dining with live entertainment and face-to-face gaming activities, such as bowling and bocce ball. It also features a private event space.
The company has targeted Florida as a primary growth market, with new locations slated to open in Tampa, Jacksonville, Aventura and Coral Gables.
Vineland Pointe spans 70 acres at the recently opened Daryl Carter I-4 interchange. O’Connor Capital President Peter Bergner credits John Artope at SRS with closing the Pinstripes deal. A bowling concept was always part of the vision for Vineland Pointe.
O’Connor Capital had previously been in negotiations with Lucky Strike for the same location.