Penler Acquires 12 Acres in Clermont for $7.4M, Plans $45.7M Mixed-Use Development
Penler has purchased approximately 12 acres of vacant industrial land at the intersection of West Minneola Avenue and Lake Drive in Clermont, Florida, for $7.4 million. The property, acquired from Wolfe & Wallace Properties Inc., will become part of the Lumberyard District redevelopment project located just west of downtown Orlando. To support the project, Penler secured a $45.7 million construction loan from Renasant Bank.
Situated on the western edge of Clermont’s downtown and adjacent to the city’s newly revitalized waterfront on Lake Minneola, the Lumberyard District is set to become a major new hub for residential and commercial development. The project will include:
– 392 apartment units
– A two-story parking garage
– An amenity clubhouse and pool
– Approximately 53,100 square feet of commercial space to accommodate restaurants, retail, offices, and related services
This isn’t Penler’s first venture in the area—The developer also built The Grove at Clermont, which opened in 2022.
Clermont has become one of the region’s most rapidly growing areas. According to the American Community Survey data from December, the city had the second-fastest-growing ZIP code in the Orlando metro area. From 2019 to 2023, Clermont’s population surged by 39%, reaching 25,407 residents.
