GT USA Closes on $90 Million Central Florida Land Deal
July 13, 2024
549 acre project could bring nearly 1,500 homes and 326,000 sq. ft. of non-residential space to the Wellness Way corridor following GT USA sale
Clermont, Florida – GT USA, a partnership between two of Canada’s most prolific builders, Greenpark Group and Treasure Hill, closed a $90 million sale today that will bring nearly 1,500 homes to the Wellness Way corridor. GT USA, based in Ft. Lauderdale, Florida, along with its partner, Windsor Private Capital, based in Palm Beach, Florida, sold the residential component of the project consisting of nearly 518 acres of fully entitled land to Pulte Home Company and its land banker, Jen Florida 55. The non-residential component of the project will be developed by GT USA.
“We are very pleased with the results of our work over the last two and a half years on this project, which will provide relief to an undersupplied housing market in the highly desirable Wellness Way corridor,” said Doug Bruk, GT USA Chief Operating Officer and a leading industry veteran with 30 years of experience.
In addition to this property, GT USA recently closed a sale to GL Homes and is in the midst of another sale to Pulte in South Florida.
“Our knowledge of Florida housing submarkets, expertise analyzing deals, and capital strength enable GT to move swiftly,” Bruk said. “We are also able to be more flexible in meeting the seller’s needs. This puts us at an advantage when competing for properties.”
GT USA retained ownership of the non-residential land within the project for the development of nearly 326,000 square feet of non-residential space anticipated to include an anchor/commercial tenant and multiple smaller/satellite retail and restaurant tenants.
GT USA is recognized for its visionary leadership in sustainability and innovation. Together, the group has dozens of low-rise, mid-rise and high-rise projects underway throughout the United States, Canada and Italy, and has developed, and built over 80,000 homes over the past 55 years. In Florida, the company has purchased over $100 million of land and is under contract for an additional $200 million.
In addition, GT is the contracted buyer for an even bigger assemblage of land spanning nearly 2,500 acres nearby. It includes the Arnold Groves & Ranch and the adjacent Roper Growers property. GT is in the very early planning stages to allocate the proposed density across both parcels. The plan will include a wildlife corridor that extends all the way to Lake Louisa State Park. “Right now, we’re in the process of finalizing our wetland delineation and compensating storage, so it’s too soon to submit a site plan,” notes Bruk.
