For the second time this year, Park Square Homes is abandoning the vacation home business at one of its Kissimmee resort communities.
The Kissimmee City Council voted Tuesday night to approve a new Planned Unit Development (PUD) and Developer Agreement with Park Square for Sonoma Resort in the Tapestry master-planned community.
The new agreement gives the developer flexibility to trade off vacation home entitlements for other uses: a single-family age-restricted community, a multi-story condominium building, a 200-bed long-term care facility, and a 12,500-square-foot daycare center.
Park Square launched Sonoma Resort in 2015 with high sales expectations for the 321-home community. It featured 50-foot and 70-foot lot sizes, with home sizes anywhere from four to 14 bedrooms.
The developer completed a multi-million dollar amenity center this year, but has built fewer that half of the 121 homes approved for Phase 1. Another 400 vacation homes were planned on the 50 acres reserved for future phases.
"Due to changing market conditions in the area, the continuation of the resort style short term rental approved for Phases 2 and 3 of the property is no longer feasible," the developer wrote in its application.
The pool and clubhouse would continue to serve the vacation homes -- all of which have private pools -- and the new active adult community. The condo building would have its own recreation facilities, which would include a theater, exercise studios and dining and meeting space, outdoor garden and passive recreation areas.
Earlier this summer, Park Square filed plans with Osceola County to split off the undeveloped phases of its Veranda Palms community from the existing vacation home resort and relaunch them as a primary residential neighborhood.
This new Tapestry development plan mirrors a similar concept Park Square introduced in Brighton Park to co-locate an assisted living facility and daycare center.
"The reason we're putting assisted living with daycare is we feel they're complimentary uses," Park Square vice president Vishaal Gupta told GrowthSpotter at the time. "We like the idea of having multiple generations on the site."