St. Cloud developer pays $150M for Green Island Ranch

St. Cloud’s Gentry Land Company and Wheelock Street Capital completed a blockbuster deal last week in Osceola County, paying $150 million for the nearly 6,000-acre Green Island Ranch property south of Lake Tohopekaliga, according to a report in GrowthSpotter.

Gentry President Reed Berlinsky told GrowthSpotter the development team made an offer that was “a tad bit over” the $140 million list price and agreed to close the deal in a single transaction, which was important to the sellers.

“We had a great team of people, and everybody’s worked really hard for the last month to cram this into a holiday and get it done. So we’re really excited about moving forward,” Berlinsky said.

Dusty Calderon and Dean Saunders from SVN Saunders Ralston Dantzler Real Estate represented the Partin family, which had owned the ranch for more than 100 years. Calderon, a family member and broker on the deal, said he was humbled to be a part of the county’s largest single land sale in over a decade.

In anticipation of the closing, Berlinsky and his planning team from Heidt Design have already met with Osceola County’s planning staff to discuss the ranch property, which is currently zoned for Mixed-Use and approved for up to 17,000 homes. Berlinsky said the development would begin on the acreage east of the Florida’s Turnpike.

“It is a very much a long-term project that will run for several decades,” project manager Matt Call said. “You know, what’s exciting about the project is the amount of commercial and office and other things that will come in the future. But I know right now everyone’s focused on the Canoe Creek neighborhoods and the potential for launching those in the next few years.”

Heidt Design will manage the project from its Celebration office. Director of Community Planning Christie Barreiro said the construction would begin with the four neighborhoods that would be accessible from Canoe Creek Road. The first is zoned for 1,040 homes.

The first K-8 school site would likely be in the second phase, which is closer to the turnpike and has entitlements for 768 dwelling units.

Heidt President Pat Gassaway said the rurnpike currently serves as a barrier to development of the east neighborhoods and future urban center, but that Berlinsky would build an overpass within the first five years while the permitting and design work for future interchanges proceeds. “The nature of the neighborhoods is such that we’re going to grow just like the adopted plan contemplated,” he said.

Berlinsky said crossing the turnpike will unlock the west side of the ranch property, including over two miles of Lake Toho shoreline. “You can’t not see the lake,” he said. “It’s a huge part of this project. But because it is, we’re going to spend a lot of time figuring out how to do it, and how to make it work. And that’s a lot of discussions because it’s going to be a long process.”