UPDATED: FEBRUARY 20, 2019 6:25 PM — Developer Vincent Desai is looking to build a new mixed-use project along South I-Drive that can introduce up to 708 new timeshare units to the rapidly growing tourism sector there.
Robby Joshi of the architecture firm ARCHENICS filed a pre-app request with Orange County to discuss development options. Desai was listed as the owner of the project dubbed Global City Center.
According to a preliminary site plan, the project would rise on a 35-acre undeveloped parcel directly east of Little Lake Bryan with S. International Drive to the east of the property and Daryl Carter Boulevard to the west.
The land sits across the Discovery Palms condominium complex at 12806 Madison Pointe Circle, where New York-based multifamily investor ESG Kullen bought a bulk of its condo units for $16.6 million in 2017.
The initial concept plan depicts Global City Center featuring up to 50,050 square feet of retail space in outparcels bordering the community and 20,500 square feet of office space on the first two floors in one of its residential buildings.
The mixed-use project would consist of 11 eight-story buildings with timeshare units, one banquette/ballroom facility and six outparcels designated for retail use, according to the site plan.
Timeshare units would be treated as vacation rentals, Joshi said, adding the developer is in talks with a real estate investment trust that has shown interest in the retail portion.
As for the design, Joshi said he wants the Global City Center to have a European-centric, older neighborhood feel with Art Deco-type architecture.
"It's going to be like living in nostalgia," Joshi said. The set up consists of a mix of one-, two- and three-bedroom units with balconies and heavy landscaping.
Raj Goyal of Premier Sotheby's International Realty is representing the developer on the property acquisition.
PRN Real Estate & Investments took ownership of the foreclosed on site in 2009 after the previous owner, Cape Light Development International Drive I, failed to pay a $16.36 million mortgage.
Details on this multifamiliy investment group's second volume purchase of condominium units in Orlando in the past three months.
By Mike Salinero
Aug 08, 2017 at 5:57 PM
The Cape Light Development entity, which is tied to Brooklyn-based Pyramid Properties, paid $20.96 million for the property in 2007.
PRN Real Estate & Investments is led by developer Nancy Rossman. In 2001, Rossman and a business partner bought 1,584 acres near the Wekiva River for $7 million. According to the Orlando Sentinel, the partners sold it for $74 million five years later.
If approved, Global City Center will add to a growing number of developments rising up in the area, like a new hotel under the Choice Hotels' Cambria brand being developed by a joint venture between HOS Managementand Hawkeye Hotelsalong Vineland Avenue.
Brazilian developer QDI is also planning to build a four-story, 154-key hotel near the site using Best Western's boutique midscale flag, GLō, which is slated to be the first GLō-branded hotel in Florida.