A group of Winter Park real estate investors are looking for development partners for a 39-acre parcel next to Kissimmee's Shingle Creek Regional Park.
Colony Realty Group President Tom Lightsey told GrowthSpotter he and partners received Mixed-Use PUD zoning from the city in December for Shingle Creek Landings. The new zoning entitles the property for 799 multifamily or timeshare units and up to 250,000 square feet of non-residential uses.
"We're in the process of developing a site plan now," Lightsey said. "Now that we have our zoning approvals, we're reaching out to potential end-users for different parcels they may want."
GrowthSpotterfirst reported the project last June. Lightsey said the rezoning went smoothly considering the increase in density, and the fact that it borders a single-family subdivision to the north.
"In certain areas, you'd be run out of town for proposing that many units," he said."We didn't run into any opposition at all. We had staff support from the beginning."
Lightsey's Talisman Partners paid $2.16 million in late 2016 for the square-shaped parcel north of Vine Street in the city of Kissimmee. Other investors include developer Tom Ginther, who owns Chesterfield Contracting, and Bob Kaplus.
The regional park, which abuts the property, has a picnic shelter, canoe launch, playground and completed segment of the Shingle Creek Regional Trail, which extends from Kissimmee's Lakefront Park north to Orlando's Sand Lake Road. It's also home to the Osceola County Historical Society's Pioneer Village.
Lightsey said the partners think the location is ideal for apartments because of its close proximity to Disney World and to the new Magic Place development on W192. "We'll be able to provide housing for the folks who will be working in these new projects," he said.
Atlantic Housing Partners is currently building the first phase of a 377-unit apartment complex right next to the Shingle Creek Landings site.
They're also targeting an assisted living and/or skilled nursing facility, which would count toward the commercial entitlements -- not the residential. Independent senior living and timeshares are two options that would be exempt from school impact fees, he said.
April Fisher is assisting the group with the planning and design, and Jordan Companies is project engineer. The MUPUD carries a five-story height restriction for most of the parcel and a three-story restriction around the perimeter.