Banning Ranch, a Hanover Land Company project in Leesburg, hit another milestone in its completion with the recent purchase of 265 acres of land for two future phases of development.
Located west of County Road 33, east of County Road 48 and south of the Florida Turnpike, the land — bought for $3.86 million — is half of what Hanover intends to purchase to develop Phase 3 and Phase 4 of Banning Ranch.
The other half for the two phases, according to Hanover VP of Land Acquisition Ben Snyder, will be purchased in two years. Snyder said Banning Ranch will have five total phases, with phases 3 and 4 split into two sub-phases.
“It’s going to have a resort-style pool, playground, tot lot, dog parks, lots and lots of preservation areas, passive parks and green space,” he said of Banning Ranch. “There’s lots of wetland on the property that we’ve worked with and enhanced for the beautification of the community.”
The expanded subdivision will add 530 homesites across a total of 464 acres, with lot sizes ranging from 50 feet to 70 feet.
According to Snyder, the overall project — including all five phases — will contain approximately 1,070 lots and stretch from CR 33 to CR 48 once complete. Phase 1 is expected to break ground next year, Snyder said.
A builder has not yet been identified for the development, according to Snyder.
The property was previously owned by Frank and Carol Banning and Dr. David Lew, a cardiologist in Leesburg, was listed in city documents as the permittee.
Hanover has several projects in development in Leesburg, including Tierra Vista, a planned 371-lot community on 135 acres between the Florida’s Turnpike and CR 33 directly across from Banning Ranch. Hanover is also developing the former Anthony property on Dewey Robbins Road, next to Grace Groves, for 391 homes.
Directly south of Tierra Vista, Hanover is planning Preservation Place, a 561-lot subdivision to be built over three phases right along the turnpike.
“There’s lots and lots of green space, enhanced wetlands, preservation areas and beautiful views out the backs of the lots,” Snyder said. “The first two phases are under contract with the builder there and we project to break ground on that deal later this year.”
Dix Developments recently acquired the 74-acre Blake Ridge property, adjacent to Banning Ranch, from retired motocross professional Blake Baggett for $4.875 million in March.
Early plans for Blake Ridge and Banning Ranch indicate a potential road connecting the two developments.
Formerly known as El Chupacabra Ranch, a nod to Baggett’s nickname during his racing career, Blake Ridge is set to contain 216 single-family lots, with earthwork expected to begin in September.
Have a tip about Central Florida development? Contact me at jwilkins@orlandosentinel.com or 407-754-4980. Follow GrowthSpotter on Facebook and LinkedIn.
