Atlanta-based developer PENLER has purchased the multifamily site in downtown Clermont’s mixed-use Lumberyard District next to Victory Pointe Park and the South Lake Trail.
PENLER paid $7.4 million for the 7.2-acre parcel and secured a $45.7 million construction loan from Mississippi-based Renasant Bank to acquire the land from its longtime owners, Wolfe & Wallace Properties.
Redevelopment of the Lumberyard District, named for its status as the site of a lumber mill, is expected to take place in two phases. 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 Properties will mass 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 utilize 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 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.
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