Land sale jump-starts Clermont’s Lumberyard District
An Atlanta-based developer has purchased the multifamily site in downtown Clermont’s mixed-use Lumberyard District and is moving to redevelop the Lake County site.
PENLER paid $7.4 million to longtime owners Wolfe & Wallace Properties for the 7.2-acre parcel next to Victory Pointe Park and the South Lake Trail. PENLER has secured a $45.7 million construction loan from Mississippi-based Renasant Bank.
The Lumberyard District is the site of a former lumber mill, and historic themes will play out in its two-phase redevelopment. The first phase will include the development of 262 apartments across four multifamily buildings. The second phase will include commercial construction of mixed-use and live-work buildings, along with another 130 dwelling units and two-story parking garage.
Wolfe & Wallace will grade the entire 12.3-acre district and build the interior roads as part of the first phase.
PENLER Managing Partner Brian Metzler told city officials the apartments would use Hardie Board siding for the exterior finish as an homage to the lumber mill. The developer also requested and received a height waiver from the city to allow for 9-foot ceilings on all floors and a pitched roof.
Of the 55,000 square feet set aside for non-residential use within the district, developers are planning to construct a two-story open-air complex named “The Sawmill” that will serve as an entertainment center for arcade games, food, beverages and music.
About 70 percent of the apartments are expected to be one-bedroom units, giving young professionals an opportunity to rent at an affordable price. The apartments will be constructed with Key West-style architecture in mind, conveying a design style reminiscent of Old Florida to residents and visitors alike, the developer said.
The Lumberyard District will not be PENLER’s first development venture in the area, as the firm completed the 288-unit The Grove at Clermont apartment community just north of Highway 50 in 2023.
PENLER sold the project in October 2023 to Houston-based Venterra Realty for $80.4 million.
PENLER was founded in 2019 by Metzler and Graham Carpenter, two former Pollack Shores executives who previously developed projects such as downtown Orlando’s Steelhouse apartments and The Princeton at College Park.
Have a tip about Central Florida development? Contact me at twilkins@orlandosentinel.com or 407-754-4980. Follow GrowthSpotter on Facebook and LinkedIn.