Turning desireable property into mulifamily/ vacation rentals.

[Jim Halpert]

Hello, Im not sure if im posting in the correct forum. I am currently trying to find a direction with a piece of property I have inherited in a very desirable area in the Orlando area.

approx 3 acres of land wedged in a very up incoming area, and I would rather be apart of a project to design/build modern multifamily units, or even VRBO these structures rather than to just sell off the land and have a developer build single family homes.

First obstacle would be a rezoning, im assuming, There is actually a single family home already on the property, and the rest of the acreage is zoned agriculture as it was once an orange grove, but still holds the zoning.

Would love some opinions on an undertaking of this size! thanks

[Salvatore Cataldo]

Good morning @Jim Halpert. I live and work in Winter Garden. I would be interested in discussing your vision for the property further. 

I'm not trying to discourage you by any means, but I do agree with what has been stated previously regarding your initial plans for development, as this is an extremely difficult time to build. Construction costs are significantly higher than they were two years ago and we are experiencing consistent delays associated with the availability of various construction materials. 

Winter Garden is a very desirable location, so I am sure your land has great value. However, if you decide to re-zone and develop the land, be prepared for a min of 18-24 months in design, planning/zoning, and permitting. Depending on your cash/financial position, you would need to start ordering and paying for strategic items in advance the moment you have approval from zoning and a permit to avoid subsequent delays, as some products have 30-60 week lead times at the moment. 

Either way, I wish the best in your endeavors whatever you decide.