Developer pays $17M for mixed-use marina community on Lake Gentry | GrowthSpotter
By Laura Kinsler | Growthspotter | Mar 27, 2023 at 11:00 am
South Florida-based American Land Development paid $17 million last week for a subdivision with approved plans for over 700 homes and a commercial marina on the Alligator Chain of Lakes.
Lake Gentry Landings, a 248-acre boating community, was first approved in 2015 and then sat on a shelf for years. It’s in a fast-growing corridor on Canoe Creek Road, directly across from the first phase of Green Island Ranch. Mattamy Homes had it under contract last year but ended up walking away from the deal.
The seller was Orlando investor Sam Oswald, who bought it with the entitlements in 2015 for just under $3.4 million. Daryl Carter, president of Maury L. Carter & Associates, represents Oswald, who he describes as a close family friend. He said Oswald’s patience will pay off when Mattamy closes on Lake Gentry Landings.
He said the project was a slam dunk because it has lake frontage, road frontage and a good location. Plus it already had water service when Oswald bought it. “It was kind of like green bananas. We knew it was going to turn yellow,” Carter said.