Project Leasing • Development • Site Selection

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Case Studies - Clermont Town Center


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Clermont Town Center involved the development of an approximately 260 acre parcel of land located at SR 50 (Colonial Drive) and Citrus Tower Boulevard in Clermont, Lake County, Florida. While located in SE Lake County, Clermont is considered the extreme edge of the Orlando, Florida metropolitan area.


During the period of 1998 – 2002 Mark Sneed was employed by Casto Southeast (currently Casto Lifestyle Centers) as Vice President of Leasing and Development. In this capacity, Mark was given the status of Project Manager overseeing all phases of the entitlements, marketing, leasing, sales, construction, and management of Clermont Town Center.


An affiliate of Casto Southeast acquired the 260 acre Clermont Town Center site for $6,350,000 in July, 1998. The previous landowner had laid the foundation for the property’s eventual development by incorporating various uses into the Comprehensive Plan for the property. Working with The City of Clermont  City Council and staff, Mark finalized entitlements and Conditional Use Permits (“CUP”’s) for the property that encompassed approximately 30 acres of retail land (300,000 square feet), 25 acres of multi-family land (270 units), 6 acres of Assisted Living land, 20 acres of medical office land, and approximately 160 acres devoted to single family home sites. The balance of the acreage would be developed with infrastructure including approximately one (1) mile of primary road extension and a lift station to serve the development as well as some of the surrounding areas.


Casto’s primary motivation for entering into the venture and acquiring the land was for the development and ownership of the retail site. A lease was negotiated with Kash N Karry Stores (now Sweetbay) for a 45,000 square foot grocery store. In June 1999 construction began on Clermont Town Center shopping center. The initial project consisted of a 90,000 square foot shopping center including four (4) outparcels. These outparcels were sold or leased to Cracker Barrel, Perkins, Southtrust Bank & Kazbor’s Grill. Subsequently, approximately eleven (11) acres were sold to The Home Depot for the construction of a 110,000 square foot store and approximately ten (10) acres were sold to another developer who developed a retail/office complex plus two (2) additional outparcels. Mark Sneed completed and oversaw the entitlements and sale of both parcels, as well as the construction of the extension of Oakley Seaver Boulevard and required infrastructure.


Following the opening of the shopping center and completion of the infrastructure, contracts were entered into with Village Partners for the 25 acre multi-family site, Banyan Homes for 68 acres of the single family, and Keewin Realty for the remaining 95 acres of single family. All of these projects eventually closed, and Village Partners constructed the Village at North Lake Apartment community that includes 270 units, while Banyan and Keewin constructed in excess of 200 single family homes within their respective subdivisions.


One of the partners within the Casto partnership chose to internally acquire and develop the 6 acre assisted living tract in a joint venture with a larger assisted living developer.


Upon forming MTS Advisors, Inc. in 2002, Mark left Casto Southeast and Clermont Town Center. At the time, only the final 20 acre medical office parcel remained undeveloped.



 


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Case Studies

Project Leasing • Development • Site Selection

Clermont Town Center



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