Opportunity Zone Tax Benefit Attracts Major Local Investment
Carved out of a magnificent natural setting, the Lake Orlando Golf Club in Rosemont in its early days was a golfer’s destination in Central Florida. Opened in 1971, the 18-hole, par 72 course, began falling into decline early in the recession ten years ago (see photo). By 2013, golfing magazines discouraged the golfing tourist or traveler from even trying the course. Not long after, the Golf Club was closed and put up for sale.
Miami-based Westside Capital Group has now announced plans for a $1 Billion, mixed-use development on the 128-acre site. According to Westside Capital founder and president, Jakub Heje, “We want to preserve green space...implement economic change in the community.”
Located in a qualified Opportunity Zone that confers tax breaks to investors, the property is envisioned as a special district with 2,000 feet of water frontage, open green spaces, a concert pavilion, public art, unique retail and restaurant options and a clock tower in the shape of a rose in the town center near Rosamond Drive and Orange Blossom Trail.
At a community meeting, assurances were expressed that buildings will not exceed a height of 90 feet and that parking will be inside the buildings. Despite the promises of Westside Capital Group that the development would represent the recovery of this weed-infested property in the midst of the Rosemont community and its positive impact on property values, riesidents expressed concerns about accessibility, traffic, preservation of wetlands and quality of life. Heje said he wants to see “double or triple property values over the next ten years.”
A drive-through of the Rosemont neighborhood reveals numerous lawn signs that read, “Save Our Green Space at Rosemont!”