A Kissimmee-based vacation home management company in need of more space paid $1.52 million earlier this month for an office building on W192 at the signalized Lindfields Boulevard intersection.
Florida Scandicurrently manages about 350 vacation homes and other rental properties, managing partner Joe Rogers told GrowthSpotter. "We've expanded over the last couple of years, and we're looking to expand more on the development side."
Rogers said the company will renovate the interior of the 20-year-old building and plans to give the traditional colonial exterior a total refresh.
"We want to change out the columns and add plantation shutters," he said. "We want it to have more of a Key West look."
The building is immediately north of a 7-acre vacant parcel that has been proposed for vacation homes and 80 condo-hotel units by the developer of the neighboring Vizcaya West resort.
Scandi was founded in 2009, initially to cater to Norwegian investors and tourists. But now the firm has a broad international customer base.
"We probably do more business with South Americans now than anywhere else," Rogers said.
The company has quietly been assembling property in the W192 corridor and is targeting more land. Rogers said the development plan will depend ultimately on the amount of acreage they can acquire, but could include a mix of vacation home, vertical construction and townhouse products.
Rogers said he had 7.6 acres under contract right across the highway, on Little Osage Lake, and planned to build a new office for Florida Scandi when Kissimmee broker Rajia Ackley listed the office building. Ackley's Coldwell Banker brokerage will continue to lease some space in the building, Rogers said.
The company purchased the 20,000-square-foot building after securing a $1.29 million loan from BB&T with allowable future advances up to $2.58 million.
Rogers said he still intends to close on the Orange County property within the next 60 days, and plans to develop it as a side project with a mix of commercial uses. He's working with Hanson Walter & Associates to master plan the site, but first it must be rezoned from the current agricultural zoning.