A veteran developer of Kissimmee timeshare resorts paid $1.4 million last week for a retail building on the W192 corridor, with intentions for a new sales office.
Marketing executive Elliott Levy told GrowthSpotter he represents a group of investors from South Florida and South America who are finalizing terms for a new 500-unit vacation home resort in the Orlando/Kissimmee market.
"Our group came to Osceola County in 1979 and built one of the first timeshare developments," he said. "We did over $1 billion in sales at Resort World, at Poinciana (Boulevard) and 192."
Levy said the investment group is currently renovating the former Shell World gift store at 5038 W. Irlo Bronson Memorial Highway, between Poinciana Boulevard and S.R. 535, for its new offices and showroom. It's a block from the Red Lion Orlando, which opens in July, and less than a mile from Magic Place.
"We're investing in the 192 corridor because we think it's some of the best deals in the country right now," Levy said. "We're in the process of creating a beautiful office that will look like it could be on Brickell Avenue in Miami."
He said the group works exclusively with Susana Wong, broker-owner of Dragon Realty. Wong has bought and renovated a trio of budget motels on the W192 corridor, most recently the Howard Johnson on Lake Cecile. She and partner Mateo Marcasciano also own and operate the Magic Key Resort and Monte Carlo Motel.
"Susana is our main source because of her honesty and integrity," Levy said. "She's our exclusive connection up here."
Levy said the investors are also looking for joint venture opportunities with Wong to buy and renovate older motel properties on W192, potentially converting them to upscale condominiums.
"If anyone has properties they want to sell, they should contact Susana," he said. "We're all-cash buyers."