of Waterford Pointe
former orange grove with beautiful orange trees surrounding the
lakes and a pond, the site was planned to utilize the trees and
water in a spacious low density development with large one acre
minimum lots and much open spaces to create a suburban quiet ambiance.
The new development was scheduled to open in April of 1990, with
model homes by prominent master custom builders.
In the last week of December, 1989 we suffered the worst freeze
in decades and lost all the trees, which were still being burned
at the time of the opening in April.
Waterford Pointe looked like a desert and of course was not well
received. To add to the problem, the market in 1990 to 1991 was
badly overbuilt by optimistic builders, some of whom had quite a
number of speculative homes in a number of developments. The market
collapsed and many houses went back to the lenders who in turn sold
them at distress prices. As many builders went broke, it was a decision
time for developers. Options were:
the projects and let them go back to the lender. 2. Hold the builders to their purchased agreements in spite of
their financial problems.
3. Try to weather the storm by curtailing sales and advertising
costs until the market improved.
Development, Inc. rejected one and two. Decision was made to stay
with three even though other developers did not. This proved to
be very costly as the market did not start back until 1994. In the
meanwhile, Rolls Development, Inc. spent several hundred thousand
dollars for oak trees to restore the beauty of the site.
In 1994, the first Crystal Collection was held and started sales
in Waterford Pointe. In 1996, the second phase was opened with another
Crystal Collection and Waterford Pointe started to move well. Rolls
Development, Inc. negotiated and acquired a sizable parcel of ground
to the north of the original Waterford Pointe and started planning
The Reserve at Waterford Pointe which was to add an additional 83
homes, opening was planned for 1999. Morrison Homes and Rutenburg
Homes were to build the homes. The Expressway Authority was planning
to build the Western Expressway 429 but did not advise Rolls Development,
Inc. of the final route until the year of 2000 when Rolls Development,
Inc. was advised of a condemnation of a portion of the northwest
area for construction of the Expressway. The builders felt the Expressway
negatively affected the sales of homes in the price range established
in The Reserve at Waterford Pointe and wanted to reduce the price
levels with lower priced lots and homes, which was rejected by Rolls
Development, Inc. and the builders left the community.
Inc. attempted to negotiate a mitigation of the affect of the Expressway
with the Authority in order to keep the level of homes in Waterford
Pointe. However, the Authority did not agree and eventually Rolls
Development, Inc. sold the undeveloped parcel to another developer,
who annexed the property into Winter Garden so smaller lots
and homes can be built adjacent to the Expressway. This new
development is known as Lake Roberts Landing. In 2008 Rolls
Development constructed a privacy wall along the northern boundary
at no expense to the homeowners.