Feltrim Developments, owned by Irishman Gary Kenny, has completed a three-year project by closing on the purchase of 373 acres from the city of Lake Wales, near Orlando in Florida, for $3.5million.

Feltrim Developments, owned by Irishman Gary Kenny, has completed a three-year project by closing on the purchase of 373 acres from the city of Lake Wales, near Orlando in Florida, for $3.5million.

The completion of the purchase means that construction will now begin early next year on a large mixed use development known as Mayfair on the land, which is located at the southern edge of the city.

Funding from the scheme has come mainly from an SWS fund which raised money from individual Irish investors.

The first phase will include initial road works, a commercial area, a central park, a small amount of housing and a commercial area. According to Gary Kenny, Mayfair will be a $250 million project once it is fully developed and will include a pedestrian friendly village with paths and sidewalks connecting neighbourhoods to a central park area and clubhouse.

The project is also to include a 20-acre soccer complex for which the company donated some of its property.

Preliminary plans show 650 single-family lots, 150 condominiums, 138 townhouses and 86 apartments which, once released to the market, are expected to sell from between $180,000 and $500,000.

Overall the project has 1,050 residential units, around 3,700 square metres of retail space, a 100 bedroom hotel, gas station and eight commercial parcels which are for sale.

The village centre is to include an outdoor cafe flanked by townhouses. Other facilities expected in the area include a convenience store, fast-food restaurant, a motel and a restaurant.

‘‘With all the development that has been undertaken in Ireland, this project indicates the current trajectory of Irish capital,” said Kenny.