Fast-growing Park Square Homes is eyeing a prime spot in the W192 tourist corridor for a luxury mixed-use development combining residential, retail and three hotels across 168 upland acres.
The Orlando-based developer is in discussions with the owner of a 247-acre tract immediately south of the $1.7 billion Magic Place development, which should break ground before the end of the year.
Park Square Executive Vice President Vishaal Gupta told GrowthSpotter on Wednesday his family-owned company was intrigued by the site because of its proximity to both Celebration and Magic Place.
“We want to blend in with them because it’s a shared entrance,” Gupta said. “We see it as an extension of Magic Place. We won’t be using the same architect, but we want to compliment them.”
Park Square Homes wants to connect the two projects by road and by extending the water feature to the southern parcel.
Magic Development brought in famed Italian design firm Pininfarina to create its luxury branded resort that will consist of 10 residential towers plus nearly 300,000 square feet of retail, dining and office space.
Park Square and Innovations Design Group produced a conceptual site plan this week for Gupta to discuss during a pre-application meeting held Wednesday morning with Osceola County staff.
“This is hot off the press,” he said.
The key design feature is an extension of the man-made lake planned by Magic Place, which would connect Park Square’s development to the W192 retail frontage of its northern neighbor. Gupta said the plan would expand the water taxi service to serve both developments.
“We’ve discussed it with them and they’re on board with it,” Gupta said.
Poulos & Bennett is the civil engineer for both projects.
Park Square’s master plan identifies three hotel sites: one for a limited service hotel and two full service hotels, each with water taxi stops. Gupta said the full-service hotels would be four-star and branded, with a separate spa retreat.
In total, 22.3 acres would be set aside for the lake system, which also would extend into the single-family neighborhood on the east side of the property and into the center, where it would be surrounded by a mixed-use development. Gupta said they envision retail and dining on the ground level with apartments above.
The master plan calls for 215 residential lots ranging in size from 50-feet to 70-feet wide. A 66-unit townhome project would be constructed on the southwest quadrant of the site and would have its own amenity center.
Passive and active parks and walking trails are scattered throughout the development.
Established 32 years ago, Park Square Homes built a reputation locally for building high-end vacation homes and resort products. The company is doubling its residential development work in the coming year, and currently has more than 2,000 lots in development or predevelopment across Central Florida.
Last year, the company launched a separate division to diversify its portfolio with multifamily and commercial development. Gupta said the company expects to break ground before the end of the year of its first mixed-use venture, Champions Vue on U.S. 27.
The Kissimmee project would be its most ambitious to date. The site is owned by Maharashi Global Development, the same nonprofit firm that previously owned the Magic Place site.
Magic Development paid $8.3 million for its 87 acres fronting W192.
Broker Susan Morris of RDIP Florida represents the seller. Gupta said the sale price has not been published. The land has a market value of nearly $29 million, according to the Osceola County Property appraiser.
“It really truly wasn’t even on the market,” he said. “Our family knows the sellers, and they approached us.”
Maharishi would continue to own 123 acres to the west, which has an appraised value of nearly $10 million.
For more information about Magic Place, visit the Magic Development project page on GrowthSpotter.
Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407)420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.
