A Brazilian contractor and real estate investor has a heavily trafficked site under contract in central Ocoee, with plans for a mixed-use, energy-efficient townhome and commercial condo development.
Located at the southwest corner of Maguire Road and the Florida Turnpike, the 16.92-acre assemblage includes 6.26 acres the developer owns and 10.66 acres under contract.
The applicant has filed for annexation, rezoning to Planned Unit Development and a PUD Land Use Plan, with the requests to go before Ocoee's City Commission on Jan. 16.
"We're going to build these gradually, but we have tremendous interest already from past clients for the townhomes, as well as the commercial condominiums," developer Ray Veloso, also CEO of Yellow Rock Construction, told GrowthSpotter on Thursday. "More than 40 percent of the project has buyer interest and we haven't really started marketing yet."
On the eastern two thirds of the property, Veloso's plan includes 90 modern, California-style townhomes with roughly 2,000 square feet of conditioned area, three bedrooms and 3.5 baths, with an open floor plan, sliding glass rear wall, 500-square-foot backyard and two-car garage.
A clubhouse with swimming pool, fitness center and 6,000-square-foot party room would anchor the community.
On the western third of the property would lie the commercial segment, to include a site already under contract for a 13,681-square-foot preschool building, and three more retail-office condominium buildings totaling roughly 58,250 square feet.
Development specialist Ray Bradick of PKA Orlando is leading the project through its review with the city, and anticipates getting through a second reading with commissioners by late February. Final engineering and permitting would follow with a groundbreaking late this year.
"It's an innovative site design that I don't think Ocoee has seen much of," Bradick said. "It's a progressive, modern look, and in talking with the district commissioner and mayor they seem excited about this being something new for Ocoee."
Veloso declined to estimate total project cost, but forecasted $42 million in revenue to come from the townhome sales, and $20 million for the commercial condo units.
He anticipated a groundbreaking in March or April, with an 18-month construction timeline to follow. The project's first phase of construction is fully funded at this point, said Veloso, but noted he may seek a bridge loan during the construction period.
Veloso's company is also a franchisee in and built the second area location of Amazing Explorers Academy in Lake Nona last year.
Staff are recommending further discussion by city commissioners over some key points of the project, including that "its modern architecture does not reflect a Mediterranean theme the city and residents have shown to desire," and the location of fee-simple townhomes adjacent to the turnpike without sound attenuation walls.