The Atlanta-based developer has purchased a multi-family site in the mixed-use Lumberyard area of downtown Clermont and is moving to redevelop the Lake County site.
Penler paid longtime owners Wolf & Wallace Properties $7.4 million for a 7.2-acre parcel next to Victory Point Park and the South Lake Trail. Penler has secured a $45.7 million construction loan from Renasant Bank in Mississippi.
The sawmill district is the site of a former sawmill, and the historic theme will unfold in a two-phase redevelopment. The first phase will involve the development of 262 apartments across four multifamily buildings. The second phase includes the commercial construction of mixed-use and live-work buildings, along with another 130 residential units and a two-storey parking garage.
Wolfe & Wallace will mark the entire 12.3 acre district and build an internal road as part of the first phase.
Penler’s managing partner Brian Metzler told city officials that the apartment will use Hardyboard paneling for exterior finishes as a homage to the timber mill. The developer also requested and received a height exemption from the city to allow 9 feet of ceilings and pitched roofs on all floors.
Of the 55,000 square feet set aside for non-residential use within the district, the developers plan to build a two-storey outdoor complex called “The Sawmill,” which will serve as an entertainment center for arcade games, food, drinks and music.
Approximately 70% of apartments are expected to be one-bedroom units, giving young professionals the opportunity to rent at an affordable price. According to the developers, the apartment was built with major West-style architecture in mind, conveying a design style reminiscent of old Florida to residents and visitors.
The Lumberyard District is not Penler’s first development venture in the area as it completed its 288-unit glove in 2023 in the Clermont Apartment Community, just north of Highway 50.
Penler sold the project to Houston-based Venterra Realty in October 2023 for $80 million.
Penler was founded in 2019 by Metzler and Graham Carpenter. This is two former Pollack Shores executives who previously developed projects such as Steelhouse Apartments in Downtown Orlando and Princeton at College Park.
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