A STYLISH COMEBACK

BELLA COLLINA’S RISE AND FALL WAS  SPECTACULAR. BUT NOW, THE LUXURY COMMUNITY IS BACK ON TRACK.

By Karen LeBlanc

Bella Collina could easily be mistaken for a village in Tuscany or the movie set of a Sophia Loren film on the backlot of Rome’s Cinecittà studios. Just south of Montverde on Lake Apopka, Bella Collina’s privileged perch in the Sugarloaf Mountain uplands of Lake County provides dramatic topography and sweeping valley views unlike any luxury community in Central Florida. 

Visiting there now, it’s hard to imagine that this 1,900-acre, Tuscan-style community was one of the most high-profile casualties of the real estate crash in 2007. 

When original developer Bobby Ginn purchased the land in 2004, he began selling multimillion-dollar lakefront homesites as fast as his sales team could write contracts. 

Despite this initial frenzy, fueled in large part by investors, the economic collapse left Bella Collina partially developed — only about 40 homes were built — and publically bruised. 

Many had written off Bella Collina — literally and figuratively — until it attracted the attention of private equity firm DCS Capital Investments. 

The Palm Beach-based company bought the community’s country club, golf course, common areas and 50 homesites for $10 million in 2012.

What a difference a few years — and a high-powered new ownership group — can make 

Dwight Schar, owner of DCS, is co-owner of the Washington Redskins and founder of NVR Inc., one of the largest production-home builders in the U.S. 

With Bella Collina, Schar saw an opportunity to offer a wide choice of lakeview homesites in an exclusive country-club setting — at a cost less than comparable homesites in Winter Park or Windermere.

It’s easy to see why Bella Collina had such appeal when it opened — and why it’s now on the comeback trail. Its 944 homesites are linked by 20 miles of roads winding around lakes Apopka and Siena, past the manicured fairways and undulating dunes of its Nick Faldo-designed golf course. 

The community’s 75,000-square-foot clubhouse, a cluster of six stone and stucco buildings with clay tile roofs, mimics an Italian hilltop village with theme-park precision. Its cost: $75 million.

Designed by architect Michael Marsh and his firm, Marsh & Associates, the facility was named Best Private Clubhouse by Golf Inc. magazine in 2008. 

Encircled by a stone wall, the buildings are connected by underground tunnels for employees and staffers. The facades boast imported stone, painted stucco, wood accents and iron metalwork. Purposely weathered detailing makes the complex appear appropriately venerable. 

Interior appointments are also Tuscan in style, with custom-made lighting fixtures, windows and doors. The walls are of Venetian plaster and imported stone, which was cut on-site by Italian craftsmen skilled in using traditional materials and techniques.

Ginn and his partner, the Philadelphia-based venture capital company Lubert-Adler, “had the property on a lifeline,” says Randall Greene, a DCS partner who helped handle the acquisition. 

“They were trying to maintain it, but they were one step away from closing the golf course and the clubhouse and firing employees,” adds Greene. 

Although Bella Collina was never in bankruptcy, Greene notes that many property owners had “strategically defaulted” on their mortgages as well as homeowners’ association fees, country-club dues and property taxes. 

In fact, part of what DCS bought was an estimated $8 million to $10 million in debts owed to Ginn by Bella Collina’s first wave of buyers. DCS ultimately filed some 500 lawsuits, and has acquired about 650 homesites from owners with delinquent balances.

The company has also spent “tens of millions” to construct the clubhouse pool, gym, tennis and banquet facilities. A pizzeria called the 19th Hole and two formal restaurants are slated to open next year.

“The clubhouse is the community core and social heart of Bella Collina,” says Stacy Sewell, sales and marketing director of the facility. “We have monthly membership events, daily fitness classes and tennis clinics.” 

And weddings. A lot of weddings. There are nine locations on site from which couples may choose, from the grand lawn to the atrium. Bella Collina’s clubhouse also regularly hosts corporate events, charity galas and golf tournaments. 

The golf course consistently ranks as one of the top three rated courses in the region. “We do 22,000 rounds a year,” says Greene.

The challenging, 18-hole layout features elevation changes, rolling hills and sweeping fairways requiring golfers to navigate uphill, sidehill and downhill lies. 

The unique design of the course and its location among rolling hills — unusual in Central Florida — is certain to test a golfer’s course-management skills. 

“The golfer is required to use every club in his or her bag,” says Jim Kroll, director of golf, who nonetheless adds that recent design changes have made the course more friendly to average golfers.

For those interested in buying into the Bella Collina lifestyle, an on-site sales center and in-house real estate company work with three approved custom builders: Dave Brewer Homes, Vogel Homes and Phoenix Companies. 

The Bella Collina Real Estate Company works with select brokers, including Erin Wanner of Stockworth Realty Group and Gabriele Voss-Gay of Engel & Völkers.  

“Many of Central Florida’s luxury communities are nearing buildout, with few available lots for new construction,” says Voss-Gray, who’s undeterred by Bella Collina’s beleaguered past. “Exclusivity and prime location, more than price point, drives the luxury real estate market,” she adds. “I believe early buyers here will be rewarded, as property values are poised to rise.”

To maintain healthy growth and protect property values, DCS has changed some rules. In an effort to discourage absentee investors, buyers are limited to only one homesite. And they have 18 months to begin construction on their homes.

Homes must be at least 3,000 square feet, although a handful of mansions spanning more than 15,000 square feet can be found in the community. 

Bella Collina encompasses three “villages,” including Montevita (homesites starting at $149,900, homes ranging from the mid-$700s to more than $1 million); Siena Villagio (homesites starting at $189,900, homes ranging from the mid-$900s to $3 million); and Taormina (homesites starting at $249,900, homes ranging from $1.5 million to more than $8 million). There are three model homes currently open.

For more information, visit bellacollina.com. ​