National homebuilder Richmond American Homes recently closed on the $28.5 million purchase of 137 entitled single-family lots for development of its proposed The Point at Montebella community in Montverde.
Located on the western edge of Lake Apopka, east of Kirk Island Lane and north of Oscgood Road, the planned community is set to rise on the 111.4 acres purchased by Richmond American earlier this month.
Richmond American bought the property from Sarasota-based Paramount Development, operating as Montverde Landco LLC.
Margery Johnson of Cushman & Wakefield was the broker on the deal, representing Paramount.
Serving as the nation’s fifth-largest production homebuilder, Richmond American was acquired in January 2024 by Japanese real estate conglomerate Sekisui House for $5 billion.
According to Sekisui House U.S. Division President Kelli Tolocka, The Point at Montebella will be designed as a resort-style environment centered around a cabana and pool that will function as the neighborhood’s social hub.
Supporting amenities include a playground, event lawn, shaded pocket parks and a landscaped linear park to promote outdoor living and connection.
Floor plans for the community are expected to range between 2,400 and 4,000 square feet, Tolocka said, with three different product lines offered on four lot sizes ranging from 60 to 80 feet.
Richmond American is also considering offering homes with an UltraGarage — an extra-tall, attached second garage addition that can be used for the homeowner’s RV, boat or other large or extra vehicles — but those plans have not yet been finalized, according to Tolocka.
While residents with lakefront lots will have the option to build private docks, Tolocka said the Town of Montverde plans to improve the public boat launch located on the southern edge of the property at the end of Abrams Avenue. According to Johnson, the property has about 3,000 feet of shoreline on Lake Apopka.
“The community presented a rare opportunity to acquire entitled lakefront lots within a highly constrained A+ submarket, aligning perfectly with Sekisui House’s strategy to secure premium land opportunities tailored to move-up and ultra-luxury buyers,” Tolocka wrote in a statement to GrowthSpotter.
Nearby in Montverde, just under two miles south of The Point at Montebella site, developers of a proposed $66.9 million boutique hotel recently secured a hotel incentive grant from Lake County that could potentially save the development up to $824,269 in property taxes.
Spencer Schar, president of The Club at Bella Collina, filed an incentive grant application for the proposed hotel under the name of his new company, The Hotel Siena Holdings LLC.
In February, The Lake County Board of County Commissioners unanimously approved the grant for Schar’s company.
Planned on approximately four acres along County Road 455 near Bella Collina, next to the Siena at Bella Collina vacation condos, the proposed boutique hotel is set to contain 100 rooms and a conference center.
Of the 100 rooms planned for the hotel, 70 will be standard guest rooms and the other 30 will be suites. The suites will be broken down into 22 luxury suites, four executive suites and four presidential suites.
Elsewhere in Lake County, Richmond American is selling homes within the Seaport Village community in Tavares after purchasing 90 lots from Winter Park-based developer The Henin Group for $10 million last year.
Seaport Village is a 146-unit community located on Slim Haywood Avenue off State Road 19 and County Road 561 in Tavares.
New homes by Richmond American within Seaport Village currently feature one-story ranch and two-story designs ranging from 2,000 to 3,000 square feet with three to five bedrooms. Prices for the homes are currently being offered from $370,000 to $405,000.
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