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Park Square Homes scores 100+ acre land deal for new short-term rental community on I-Drive

Park Square Homes scores 100+ acre land deal for new short-term rental community on I-Drive
Once complete, the four-phase project will total 178 townhomes and 245 single-family homes, all of which will be short-term rentals. (Orange County/GrowthSpotter)

New Jersey-based Ridgewood Real Estate Partners is planning to sell more than 100 acres of land within its Grande Pines community along International Drive to Park Square Homes, with approvals in place to develop more than 400 new vacation homes.

Without disclosing the price, Scott Johnston, Park Square’s vice president of land development and acquisitions, told GrowthSpotter the company is set to close sometime later this week on a portion of land where most of the first set of phases will be built.

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The homebuilder went under contract last year around March and has been jointly master-planning the resort community with Ridgewood so it may allow for short-term rental use on the property, among other amendments.

The first land deal encompasses roughly 69 acres on the former Marriott Grande Pines golf course, just south of SeaWorld.

“The location is amazing, you can’t beat that for short-term development,” Johnston said, while highlighting the sharing economy’s market demand in the area. “It’s absolutely what should go there.”

Phase one will consist of a 10,000-square-foot clubhouse with a large outdoor pool and lazy river component, while phase two will consists of 157 single-family short-term rental homes.

Rendering of Santa Barbara-style vacation home within Park Square's Sonoma at Tapastry resort community in Kissimmee.
Rendering of Santa Barbara-style vacation home within Park Square's Sonoma at Tapastry resort community in Kissimmee. (Park Square Homes)

Johnston said both phases would be built almost simultaneously, with site work for phase one expected to begin early this summer. Phases three and four will consist of a mix of single-family and townhome product.

Once complete, all four phases will total 178 townhomes and 245 detached vacation homes. The project will consists of different sized resort homes that range from a three-bedroom townhouse to a 12-bedroom home, Johnston said.

Ridgewood has been selling off portions of the land since 2015, shortly after purchasing the property with a joint venture affiliate from Marriott Vacations Worldwide for about $24 million. The land consisted of about 200 acres and included the shuttered 170-acre golf course.

A conceptual master site plan filed in Orange County
A conceptual master site plan filed in Orange County (Orange County)

More than 44 acres were sold to three multifamily developers. Altamonte Springs-based Picerne Development Corp. was the first to get in on the action.

In mid-December 2015 it paid $5.6 million for 16 acres and completed the 282-unit Oasis at Grande Pines apartment complex, which it later sold for $59.5 million to Dallas-based Lantower Residential. The apartment complex at 11128 Grande Pines Circle is now called Lantower Grande Pines Apartments.

The Bainbridge Companies bought 16.26 acres of the Grande Pines property for a little more than $7 million in 2016. It developed Solaya, a 322-unit multifamily complex at 11833 Westwood Blvd. That same year, Winter Park-based Atlantic Housing Partners paid $3.5 million for 11.92 acres for its 178-unit Westwood Park Apartments community at 11037 Laguna Bay Dr.

Two commercial parcels with I-Drive frontage that total 7.39 acres are being marketed by Ridgewood as part of its Grande Pines master-planned community. The parcel north of the entrance road is 2.92 acres and the parcel south of the entrance is 4.47 acres.

The parcels are located within the I-Drive overlay district and allows for a wide range of uses. Karen Poydenis from Poydenis Properties is handling sales.

Last year Park Square Homes completed 900 residential lots in the Orlando marketplace, and currently has 2,300 residential properties under development or in the entitlement process, Johnston said. He adds the company is pacing itself to complete 1,000 closing this year. That figure includes two vacation home resorts in the Kissimmee market.

Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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