AV Homes subsidiary Avatar Properties this week sold a 7.45-acre parcel in the Poinciana area to a Utah-based charter school company that has pending plans for a new K-8 BridgePrep Academy.
American Charter Development (ACD), a lender and developer that focuses exclusively in the charter school arena, paid $1.4 million for the site. The property is at the intersection of Koa Street and San Lorenzo Road, just west of Marigold Avenue.
The deed carried a restrictive covenant that says the site must be used for a charter school or "another family-oriented retail and/or service use," and that construction must be completed within 18 months.
Miami-based BridgePrep filed a Site Development Plan and Building Permit in December, both are still under review in Osceola County. The school was designed by South Carolina-based architect Paul Mussman and would be built in two phases.
Fast-growing BridgePrep currently operates 14 tuition-free charter schools in the state and has three slated to open in August. Most of the company's Miami-area schools received A and B grades from the state in 2017, but the new Orlando academy received a D grade.
ACD previously built the St. Cloud Preparatory Academy before selling its ownership interest to Charter School Capital in 2016. That $10 million sale allowed the school to expand to a new permanent building and open its first high school. ACD remained the developer for the project.