RESIDENTIAL DEVELOPMENT OPPORTUNITY | PENINSULA ON LAKE HARRIS PENINSULA ON LAKE HARRIS 221-ACRE RESIDENTIAL DEVELOPMENT Offered by: Trevor Hall, Jr. Director, Land Services Dustin Bowersett Associate, Land Services Justin Frye, CPRC Research & GIS Specialist Thevenin J. Campton, CPMC, CPRC Marketing Coordinator Colliers International | Central Florida 255 South Orange Avenue, Suite 1300 Orlando, FL 32801 407 843 1723 Table of Contents > 1. MARKET ANALYSIS Overview ................................................................................................................................... 3 Parcel Overview ........................................................................................................................ 4 Historical Significance ............................................................................................................... 6 > 2. MARKET OVERVIEW Single Family Market Analysis .................................................................................................. 7 Nearby School Systems ............................................................................................................ 8 Nearby Retail U/C ...................................................................................................................... 9 Nearby Amenities ....................................................................................................................... 10 Distance to Central Florida Hotspots ........................................................................................ 11 Residential Demographic Study ................................................................................................ 12 > 3. THE COLLIERS INTERNATIONAL EXPERIENCE Colliers International .................................................................................................................. 13 OVERVIEW Strengths, Challenges and Opportunities Strengths Zoned Single-family residential land in a progressive city This property is one of the largest lakefronts for sale in Florida Includes ±1,600 feet of shoreline along Lake County's largest body of water Market recovery is here — timing is good, again Income-producing potential — site includes a horse stable and soil suitable for organic citrus Strong appeal to developers, foreign and domestic Zoning Residential Single Family — RSF-A 3 lots per acre 100 ft. minimum lot width 13,000-square-foot minimum lot size Planned Development approval necessary for smaller lot footprints Opportunities Central Florida has appeal Northwestern suburb of Orlando Small-town culture, but proximal to Downtown Orlando, International Airport and theme parks PROPERTY DESCRIPTION The acreage along Lake Harris’ eastern peninsula is one of Lake County’s most visually captivating areas. This land offering is perhaps the county’s best kept secret. The acreage promises panoramic views of the lake, one-half mile of lake frontage for boating and fishing, and beautiful north-facing views. The site is six contiguous parcels with 221± undeveloped acres. The southern portion of the land has the highest elevation, offering excellent vistas overlooking Lake Harris. Current property zoning is ‘residential,’ allowing for a maximum density of three homes-per-acre, or approximately 600± home sites, as governed by the City of Tavares. This site presents a premier opportunity for residential developments with lake access and attractive waterfront home sites. This area will serve as an attractive alternative to the retirement communities in the vicinity while providing easy access to surrounding services and the greater Metro-Orlando area. Offered at $11,500,000 ($52,036.20 per acre) PENINSULA AT LAKE HARRIS | City of Tavares COLLIERS INTERNATIONAL P. 3 Parcel Overview PENINSULA AT LAKE HARRIS | City of Tavares COLLIERS INTERNATIONAL P. 4 Parcel Overview Lake Harris 221 acres Woodlea Road Lane Park Road Park Lane PENINSULA AT LAKE HARRIS | City of Tavares COLLIERS INTERNATIONAL P. 5 Historic Significance of Haynes Point Atlantic Ocean ALLIGATOR STEAMBOAT During the final decade of the 19th century and early 20th century, small steam boats, such as the Alligator, transported freight, citrus and tourists back and forth between the upper areas of Florida to the headwaters of lakes in northern Central Florida, including Lake Harris. The historical significance of this waterway is strong, as it was the first method to transport Citrus northward before rail came to Central Florida. CAPTAIN MELTON HAYNES In 1869, Captain Melton Haynes took up a 160-acre homestead in Tavares that later became Haynes Point. In 1871, he built a home his daughter named Woodlea. The name was given historic significance when the nearby road was designated 'Woodlea Road.' GORGEOUS JOURNEY TO THE ATLANTIC OCEAN This site sits on the beautiful and scenic Harris Chain, with the possibility of a marina. The interconnected lakes of the Harris Chain cover approximately 50,000 acres of water and make up the second largest lake in the State of Florida. The Harris Chain is part of the Ocklawaha River basin, a main tributary of the St. John’s River which drains North Central Florida and exits into the Atlantic Ocean at Jacksonville. It is navigable for up to a 60-foot boat from the Atlantic Ocean to the site. PENINSULA AT LAKE HARRIS | City of Tavares COLLIERS INTERNATIONAL P. 6 Single Family Market Analysis 4 2 3 1 SITE 7 5 8 6 Avg. Sales Development Year Built Lot Size Unit Size Price Range Active? Rate Surrounding New Communities 1 Martins Grove 2009-2016 5,500 SF 1,443 - 4,262 SF $139,900 - $284,900 2.47 YES The Groves at 2 2006-2015 9,375 SF 1,401 - 2,141 SF $175,900 - $224,900 3.90 YES Baytree Reserve at 3 2016 6,750 SF 1,348 - 1,820 SF $153,900 - $173,900 0.42 YES Chelsea Park Pines at Lake 4 2016 7,000 SF 1,519 - 2,421 SF $179,990 - $229,990 1.30 YES Saunders 5 Lane Park Ridge 2016 N/A 2,000 SF $200,000 N/A YES 6 Oak Bend 2015 5,500 SF 1,753 - 2,879 SF $156,490 - $197,490 2.90 NO Custom Home Communities 7 The Peninsula 1995-2007 40,000 SF 4,000-6,000 SF $1,200,000 N/A N/A Lakeside Homes 8 off Lane Park 1989-2002 200,000 SF 4,000-6,000 SF $1,000,000 N/A N/A Road 9 Las Colinas 1998-2016 N/A N/A $220,000 - $1,000,000 N/A YES PENINSULA AT LAKE HARRIS | City of Tavares COLLIERS INTERNATIONAL P. 7 Nearby School Systems 1 4 SITE 5 Nearby Schools 3 1 Tavares Elementary School 2 Montverde Academy 3 Tavares Middle School 4 Tavares High School 5 Woodlea School* 2 POTENTIAL SCHOOL PENDING NEW RESIDENTIAL CONSTRUCTION* City officials have informed us that there is potential for new school construction, pending the development of new homes in the area. The local Tavares Elementary School is nearing 100-percent student capacity. It is likely that the recent residential growth in the area will necessitate a new school. Lake County has yet to determine whether the school will service students K-5 or K-8. PENINSULA AT LAKE HARRIS | City of Tavares COLLIERS INTERNATIONAL P. 8 Nearby Publix Opening Fall 2016 452 Lake Harris 19 SITE FALL 2016 561 NEARBY PUBLIX OPENING FALL 2016 A new Publix is opening Fall 2016 within two miles of the site. Since 1930, Publix has grown from a single store into the largest employee-owned grocery chain in the United States. PENINSULA AT LAKE HARRIS | City of Tavares COLLIERS INTERNATIONAL P. 9 Nearby Amenities 1 3 4 5 2 7 6 THE VILLAGES 9 8 The Villages is the fastest-growing city in the U.S. With more than 10 32 executive golf courses, this development is located less than 45 minutes northwest of the site. SITE 11 MISSION INN 12 Located in the storied Central Florida town of Howey-in-the- Hills, Mission Inn Resort & Club is an elegant, 1,100 acre destination resort located just 35 minutes from Orlando. Renowned for its picturesque rolling hills, orange groves and shimmering lakes, the area draws golf enthusiasts, fishermen and eco-tourists who enjoy being surrounded by the region's expansive natural beauty. 15 13 16 14 AMENITY 1 The Villages 2 Leesburg International Airport 3 Lake-Sumter State College 4 VIA|PORT Florida Mall 5 AMC Lake Square 12 6 Palm Gardens Restaurant & Marina 7 Florida Hospital Waterman 8 Tavares Pavilion on the Lake 9 Jones Brothers Seaplane Adventures and Training 10 Wooton Park 11 Discovery Gardens 12 The Big House (Gym) 13 Hickory Point Public Marina, Recreation & Soccer Fields 14 Mission Inn Resort & Club 15 Bishops Gate Golf and Lakeside Community 16 Yalaha Bakery PENINSULA AT LAKE HARRIS | City of Tavares COLLIERS INTERNATIONAL P. 10 Distance to Central Florida Hotspots 7 3 4 2 1 5 9 8 13 11 12 6 Less than 15 minutes Less than 30 minutes Less than 60 minutes NAME DRIVE TIME MILES 1 Howey-in-the-Hills, FL ±12 min. 7.8 miles 2 Mission Inn Resort & Club ±14 min. 8.0 miles 3 Leesburg International Airport ±16 min. 8.3 miles 4 Mount Dora, FL ±21 min. 10.2 miles 5 Clermont, FL ±34 min. 21.0 miles 6 Walt Disney World ±49 min. 46.5 miles 7 The Villages ±50 min. 35.3 miles 8 Mall at Millenia ±50 min. 43.4 miles 9 Universal Studios Orlando ±52 min. 44.7 miles 10 Downtown Orlando ±53 min. 37.4 miles 11 International Drive's Entertainment/Tourist Corridor ±55 min. 41.6 miles 12 SeaWorld Orlando ±55 min. 45.4 miles 13 Orlando International Airport ±56 min. 53 miles PENINSULA AT LAKE HARRIS | City of Tavares COLLIERS INTERNATIONAL P. 11 Residential Demographic Study BRIGHT YOUNG PROFESSIONALS Bright Young Professionals is a large market, primarily located in urban outskirts of large metropolitan areas. These communities are home to young, educated,