Kobo Development LLC, led by the international developer Zari Kovo, who’s responsible for helping establish London’s Camden Market, has his eyes set on a large opportunity in Orlando’s tourism corridor.
The developer is under contract to purchase roughly 270 acres of land east of International Drive and south of Central Florida Parkway with plans to build a new mixed-use community that would add thousands of new hotel rooms and apartments to the market, Daniel DeLisi, president of West Palm Beach-based land planning firm DeLisi Inc., told GrowthSpotter.
In a prepared statement, DeLisa said he’s working with the developer to create “an environmentally-friendly, sustainable community that meets the county’s future land use designations in a way that respects the nearby natural areas.”
The development site has long been in the control of a group of property owners who have consolidated the land and mitigated any environmental impacts.
“That’s been going for a couple of decades now,” DeLisi said. “It goes to show the difficulty in a plat like that with owners from all over the world.”
The development group has engaged Jennifer Stickler with Kimley-Horn & Associates to rezone the 273 acres north of State Road 417 from A-2 to Planned Development, which will allow for up to 1 million square feet of commercial space, 4,770 condo/hotel rooms, and 5,825 multifamily dwelling units.
The project is being called the Tuscana PD. Baker Barrios Architects is the assigned architect.
GrowthSpotter first reported in 2016 how the property ownership group completed a $1 million land swap with South Florida Water Management District for future plans. The site is part of the former Munger Land Company property that was subdivided in the early 20th century and sold to individual investors.
Of the roughly 600 acres, about 270 acres are considered developable and the other 317 acres will serve as mitigation.
The Tuscana PD proposes dividing 58 acres dedicated to commercial, hotel or condo development fronting the future Westwood Boulevard extension, followed by 192 acres to the south that can accommodate multifamily development.
The PD differs from a previous conceptual development plan that wanted to dedicate about 90 acres to low-density residential construction.
The property’s Activity Center Mixed Use (ACMU) and Activity Center Residential (ACR) Future Land Use allows for a minimum of 12 and a maximum of 30 units per acre of residential and high-intensity commercial development.
“It’s refreshing to see a developer come into the market, who really understands urban development and more importantly recognizes the needed benefit of enviro-friendly development,” DeLisa said.
Other projects Kovo has been involved in include the Opa Locka Flea Market development in Miami and the Diamond Exchange Building in Belgium.
Nearby the site in Orange County, Atlanta-based multifamily real estate company Davis Development is planning to build a 400-unit multifamily community on the southeast corner of Wildwood Avenue and the future Westwood Boulevard extension. Last year, the developer paid $9.8 million for the 27-acre property.