Richland Communities buys huge section of Wolf Branch Innovation District for $24.8M | GrowthSpotter
By LAURA KINSLER and BILL ZAFEROS
GROWTHSPOTTER | FEB 01, 2022 AT 4:30 PM
California-based Richland Communities will bring its experience delivering large master-planned communities to Lake County as the new owner of 550 acres in the Wolf Branch Innovation District just outside of Mount Dora.
Richland acquired the properties through a series of six transactions in late December totaling $24.8 million. The sales transacted the same day the developer closed on 370 acres in Groveland with entitlements for up to 740 homes and a village core under the city’s Hamlet designation.
The largest tracts include the approximately 298-acre site known as Summer Lake-Grace Groves, south of SR 46, which sold for $10.57 million, and the 215-acre Sorrento LLC site, north of SR 46, which sold for $9.8 million. Daryl Carter, president of Maury L. Carter & Associates, brokered all of the sales and also was the seller of the Sorrento property.
“We have a perfect storm driving growth. Central Florida is on fire,” Carter said. “We’re a job-producing machine. We have good leadership, and the results are obvious.”