Real estate investor plans residential community for 128 acres across from Glen Lakes

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Real estate investor plans residential community for 128 acres across from Glen Lakes

Sun, 06/14/2020 - 10:46
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Staff Report

Walton, an international real estate investment and land asset management company, has acquired Crystal Waters which consists of 125 acres of land for a residential planned unit development and 3.35 acres of commercial land, located at the intersection of Highway 19 and Glen Lakes Blvd. in Weeki Wachee, Hernando County, Fla.

The company has released the following information about their future plans for the property, 

"The pre-development land is approved for 244 single-family homesites and Walton has entered into an Exit Focused Letter of Intent with a top public national homebuilder which provides the builder the opportunity to acquire and develop the property on a phased basis in the near-term. It is anticipated the future development will be completed in two phases, each phase being 122 homesites, starting in 2023. This exit focused structure will provide distributions to investors as the builder sells homes.

"The commercial property of 3.35 acres will most likely be developed for a modest medical office building or commercial office space for a local tenant, which will complement the existing commercial development across Highway 19. Water and sewer are already on both sites which makes the land more accessible and desirable."

“Walton is excited about the land acquisition opportunity in Hernando County as the company has researched the area for quite some time. We feel confident this part of Florida is growing steadily to support new development,” said Mike Doherty, Senior Vice President - Land of Walton Global Holdings.

 

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