Rosser Reserve, located just north of Conroy-Windermere Road, will be developed with 10 homes.
| 4:51 p.m. February 13, 2018
WINDERMERE – Following bankruptcy and a halt on construction, the residential project known as Rosser Reserve on Conroy-Windermere Road is set to move forward again.
Greentree Development Group CEO Timothy Green and Sue Prosser settled a legal dispute regarding ownership of the property following a 13-hour mediation session on Feb. 2.
As the established majority owner under the new agreement, Greentree Development Group, which owns 60% of Rosser Reserve LLC, has 100% control of the site, said Thomas Bonds, COO of Greentree Development Group.
“All the details have been worked out in the new agreement with Sue Prosser,” Bonds said. “We have full control of the property. And we still have our ownership at 60%, but it doesn’t become full ownership until we fulfill our part of the agreement. There are some stipulations in the new agreement that Greentree has to meet in order for that to happen, which we are confident we will meet.”
One of those stipulations is to pay the debt owed to the DTR Trust, which owns 40% of Rosser Reserve LLC, Bonds said.
Bonds added the project is being backed by a hedge fund group called Security Capital Venture based in Naples, which is giving Greentree between $7 to $10 million as financial support to build homes on all 10 lots.
“The property sat vacant for a while, and the lots were just not selling,” Bonds said. “So now, we have a totally different approach to how we want to do things this time around. We feel that consumers and customers want the actual home on the lot itself as one package.”
Nine lots remain available of the total, five of which are lakefront lots and five of which are interior lots. The price of an individual luxury home will start at $2.5 million. Greentree is still in the process of choosing a home builder and is working with a sales team headed by Lisa Reed, a broker at Engel and Volkers.
As part of the project’s future changes and rebranding initiative, Greentree also will be changing the name of the subdivision to Green Reserve and the street name to Green Isle Way.
“We’re just glad that we were able to come to a resolution,” Bonds said. “Now we can keep the project moving forward and soon have a nice, high-end exclusive product for residents in the Windermere area.”