Orlando-based Cantero Holdings has purchased a 21 acre tract in Lake County for $550,000. The land is located at the intersection of U.S. Highway 27 and O’Brien Road in Groveland and traded for $26,190 per acre. The property is located near the proposed Villa City, a 2,500-acre residential community set to be built along the U.S. Highway 27 Corridor. Once completed, Villa City would add 5,600 homes, along with an estimate 12,275 new residents, to the city of Groveland, where just 9,100 resided as of 2014. Southeast Land Consultants represented the seller, Redus Florida Land, doing business as Wells Fargo in the transaction.
“The city of Groveland has made a number of improvements to the local infrastructure, including upgrades to one of their sewer plants. That, in addition to the proposed residential development, both point to anticipated growth in this area,” Vice President Bill Short of Tampa-based Southeast Land Consultants said. “This development alone could bring substantial growth to the community. The buyer recognized the potential for this – which is just five minutes from where Villa City could one day be – and plans to develop it when the time is right,” he added.
