A developer who splits his time between Kissimmee and Morgantown, West Virginia, is building a 108-unit market rate apartment complex on U.S. 192 just west of the Florida’s Turnpike interchange.
Chris Harbert of C&C Investments paid $1 million in September for the 7-acre site, and this week he filed construction plans with the South Florida Water Management District for the project he’s calling Kissimmee Palms.
“It’s a great location,” Harbert said. “It’s in an opportunity zone. That’s why I chose it.”
Harbert said he sold a multifamily complex in Morgantown and is investing the proceeds in a 1031 exchange with the Kissimmee site. The tax advantages, and the proximity to NeoCity were key selling points.
“That’s what sold me on the site,” he told GrowthSpotter. “There’s going to be a ton of jobs there. And I think the area is really building up.”
He hopes to begin site work by the end of the month, but he’s still in the cost engineering and design phase on the buildings. The community will be designed with a beachy theme with blue-gray exteriors and lots of palms.
The buildings will be 3-stories and will include of mix of 1-, 2- and 3-bedroom floorplans. “All of my units are really spacious,” Harbert said. Rents will start at $1,050 for a 1-bedroom unit.
The plans call for amenities such as a pool, clubhouse with fitness center and dog park. There’s also a recreation area and playground on the site.
Harbert has engaged Maitland-based Spectra Engineering for civil and landscape design work.
The property shares two boundaries with another new multifamily project: Gannet Pointe. An affiliate of Birdsong Housing Partners closed on the adjacent parcels in late August for $1.8 million. The company has been approved for Low Income Housing Tax Credits and has already received building permits for the 80-unit complex.
The promise of high-paying jobs at NeoCity and the expansions at Osceola Heritage Park and Valencia College have kickstarted a succession of new luxury apartment construction along E192. Those include The Neo by Park Square Homes and NeoSquare by Investors Realty.
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.