One of Windermere’s most prominent vacant properties could be in for a name change — ushering in a new planned subdivision.
The Windermere Town Council conducted a first reading during its Tuesday, Nov. 12, meeting on a name change of the Rosser Reserve property, located off Conroy Windermere Road.
If the ordinance is approved on second reading Dec. 18, the property would be known as Lake Down Reserve, and Rosser Reserve Lane would be renamed as Down Reserve Court.
“I think (the owners) want to get the stigma away from Rosser Reserve and own it themselves,” Town Manager Robert Smith said. “It’s a branding thing — they want to take away the old stigma and put on a new face to that development.”
The property has hit several roadblocks in recent years. The Rosser Reserve property was intended to be a boutique, 10-home subdivision, but the lots did not sell. As a result, part owner Sue Prosser filed for bankruptcy.
The filing led to a legal battle between Prosser and majority owner Timothy Green, which was settled.
That eventually led to the pieces of the property being auctioned off. The majority of Rosser Reserve sold for $3.99 million during an auction Wednesday, Aug. 21, at Windermere Town Hall.
Three separate parties purchased the nine lots available for auction — a 10th lot on the property already was owned by a separate party.
Lots 3 and 4 — two of the four available lakefront lots — were purchased for $1.5 million, while lakefront lot 1 and interior lots 6 through 10 were purchased for $1.8 million. Lakefront lot 2 was purchased for $690,000.
The total contract price — including the buyer’s premium — for all the lots was $4.38 million.
RIDGEWOOD CHANGES PUSHED BACK
Windermere residents will need to wait another month before seeing some proposed changes take place along Ridgewood Drive.
The Windermere Town Council tabled the second reading of an ordinance designating Ridgewood Drive from Lake Street to Lee Street for one-way traffic — a result of a lack of advertising for the meeting.
Town Council members instead will conduct the second reading at their Dec. 18 meeting.
That ordinance only would allow eastbound traffic along that section of road. It also would give Smith the authority to install traffic control devices and “do not enter” signs at the three-way intersection of Ridgewood Drive and Lee Street.
A traffic study by Kimley-Horn and Associates Inc. concluded that 76% of the traffic cutting through the town is from outside of Windermere and that roads such as Ridgewood Drive were being adversely affected.
If approved during a second reading next month, the ordinance will take effect at some point in February 2020, after a 30-day period with signage telling drivers about the change, Smith said.