The lead developer behind Reunion West and Margaritaville Resort is venturing outside of the tourism corridor for his next major project in Osceola County.
The Falcone Group has filed a Preliminary Subdivision Plan for a 330-unit apartment complex in the Fish Lake Planned Development near NeoCity.
The developer is under contract for 17.7-acres on Partin Settlement Road and the Cross Prairie Parkway, which is designated as the first of two potential multifamily sites in the 150-acre Fish Lake PD. The same PD is home to AdventHealth’s recently opened Partin Settlement campus, which has a freestanding emergency room and Health Park medical office building.
The site plan by Madden, Morehead & Stokes calls for 3-story garden-style apartment buildings surrounding a central drainage pond, with a separate clubhouse and pool and a half-dozen detached garages. Access is solely from the Cross Prairie Parkway, and several acres at the Partin Settlement intersection are reserved for future commercial development.
The Fish Lake master plan is entitled for 600 multifamily units across both phases. The PD also has areas designated for future single family homes on Fish Lake and west of the parkway, and townhomes adjacent to the existing Cobblestone Apartments.
Falcone Group, led by Boca Raton developer Art Falcone, has several active projects in the Four Corners area, including the Spectrum at Reunion condo hotel and the Jack Nicklaus branded Bear’s Den community. Falcone also recently completed Sentosa Reunion apartments and was a JV partner with DeBartolo Development on The Haven at Reunion apartments, both on Sinclair Road.
Earlier this summer Falcone hired former HUD Deputy Chief of Staff Alfonso Costa Jr. to lead the company’s new affordable and workforce housing division. Costa was instrumental in implementing HUD policy related to federal opportunity zones, and he will carry that expertise to Falcone Group.
The Fish Lake site is in an opportunity zone. Falcone Group is calling the community Momentum at Fish Lake, according to the PSP.
“We understand there is a growing need for quality housing stock and supply in opportunity zones across the country, and we’re excited about undertaking this project in one of the fastest-growing counties in the region, where housing is going to continue to play a vital role for communities at large,” Costa said.
He offered few details about the project other than the fact that it’s a market-rate product and will be pet-friendly.
The property is also surrounded by several new and developing multifamily communities. DeBartolo delivered Jamison Apartments at Partin Settlement at U.S. 192 earlier this year.
Canadian developer T.R.A.M.S. also completed its 420-unit Academy Park apartment community, located at the U.S. 192 – Florida’s Turnpike interchange. Nearby, Birdsong Housing Group is close to wrapping construction on Gannet Pointe, an 80-unit affordable housing complex just west of Shady Lane. And next to that, West Virginia developer C&C Investments has filed a Site Development Plan for 108 multifamily units.
C&C’s Chris Harbert told GrowthSpotter he also chose his site because of the opportunity zone, which extends all the way into NeoCity, a mile and a half away. He’s calling his project Kissimmee Palms.
Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407) 420-6261, or tweet me at @byLauraKinsler. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.
