September 2, 2021
CBD Real Estate Investment LLC is under contract to purchase multiple projects totaling 229 acres of land in Lake Wales. Here CBD plans its next master planned communities.
Hunt Club Grove North at Lake Wales is an assemblage from three Sellers of 126 acres of land South of Highway 60, north of Port Salter Road between 11th Street and Hunt Brothers Road where 448 single family lots and 129 town homes are proposed. The land is being purchased from The Estate of Vivian Pennachio, Hunt Brothers Inc, and Richard McKinley. This phase should be permitted and ready for construction by the Fourth Quarter of 2022.
Hunt Club Grove South at Lake Wales is 103 acres located immediately south of North Grove and Port Salter Road, between Hunt Brothers Road and the Conrail Rail Road Crossing. Here, CBD is proposing another 445 single family lots along with 192 town homes. The land is being purchased from LMT Enterprises LLC. We expect this section to be fully permitted and ready for construction by the First Quarter 2023
Lake Wales has great road access off of Highway 27, Scenic Highway 17-92 and State Highway 60. Virtually in the Center of the State and easy drives to Orlando, Tampa and Vero Beach. The area has ample shopping, restaurants, entertainment, parks and a good school system. Lake Wales has a high retention rate for those who are born in the City that remain in the City. The City is very pro-growth and are working hard to improve their roads, public infrastructure and are working very hard to revitalize its downtown. This is a City that has watched for years as development passed them by – now they want to be a part of the growth and has been very proactive in enticing developers and builders to the City to start new residential and commercial construction projects. Lake Wales is also in the immediate path of progress and between 2019 to the current there are over 8500 new homes proposed to be built over the next five years.
“We see Lake Wales as the next Davenport, Haines City, and other high growth areas expanding out of Orlando and for that matter Tampa” says David Waronker, President of CBD Real Estate Investment LLC. “My goal is to bring at least 500 lots per year to the Lake Wales market for the next five years. This is not our first foray into Lake Wales, as Robins Run (157 lots) and Robins Walk (33 lots) will be under construction by early 2023” says Waronker. Haines City has exploded over the past two years with 11 new housing projects under construction bringing 3700 new home owners to town in 2021. Dundee is starting to take off again, and then of course there is Lake Wales. Residents need shelter, they need homes. The Pandemic has actually increased our housing market with more out of state buyers moving to Florida and buying affordable, quality homes than ever in our Sunshine State. Yet, even with all this growth we still have a housing shortage. New homes cannot be planned nor built quickly as needed. As soon as a speculation home is started it is sold. Many resales receive multiple offers the day they go on the market with many selling far above the asking price. And these are not investors, but end users looking to relocate to Florida or move up from their current homes or apartments. Also, the latest craze in housing not just in Florida but nationally is the Build for Rent Single Family Homes Communities. Like regular apartments, these are large communities of all single family detached product which are available for rent, not for sale. CBD expects Lake Wales to see roughly 1000 new home starts per year for the next decade in Lake Wales. And CBD expects to be a major part of this anticipated growth. The growth seems to be insatiable.