A Brazil-based investment group is pumping an estimated $55 million into the development of two townhome projects for short-term rental in Orange and Osceola counties near Walt Disney World, the development manager told GrowthSpotter.
The project furthest along in development is Summerville Resort, located on Old Lake Wilson Road in Osceola County. With a budget estimated at $25 million, it will include 99 townhouses that feature three to five en-suite bedrooms, and 1,600 square feet to 2,100 square feet each.
The project is under review by the county's planning division and if approved would break ground in late July or mid-August, said Alex Freire, manager of Lancelot America, a limited liability company created to develop the property. The contractor on the project is Chronus Construction, while architecture work is being done by The Evans Group, and the project's engineer is Tannath Design.
Units at Summerville Resort will be priced starting at $250,000, with owners given the option to choose their own property manager for short-term rental or hire the resort's management firm. Pre-sale of the units will begin in late May by Orlando-based American Horizons Realty.
The group's second development, Cypress Sound Resort in Orange County, boasts more than 15 acres of vacant land that fronts Winter Garden Vineland Road near Walt Disney World's Epcot and Magic Kingdom, adjacent to Grand Cypress Golf Resort and east of Disney's new high-end Golden Oak development.
The property lies in the heart of the Disney tourism corridor and shows ideal views of Disney's evening fireworks that the development team will try to highlight with construction, Freire said. With 7.57 net-developable acres, the site will feature 84 units, likely townhouses, also focused on short-term rental.
Cypress Sound property was acquired on Nov. 19, 2014, for $2.5 million by Dijon Real Estate LLC, another LLC created last year by the investment group specifically to develop this site.
Freire expects a budget of at least $30 million for Cypress Sound, which will be more of a luxury design with possible rooftop viewing space for Disney fireworks. This project is still in the conceptual phase for the development team, he said.
The investment group behind the two projects is led by a wealthy Brazilian family, which Freire declined to name.