Estero-based ComTerra Development Group is working to secure a spot within the Blackwater Crossing mixed-use development site, adding to a list of projects being planned along the booming Osceola-Polk County line.
Without disclosing the price, developer/partner Scott Marchand told GrowthSpotter the company is under contract to buy 2.87 acres of land directly across from the new Orlando Health site at the future Reunion Village, with plans to bring a new hotel product.
"We think the area between Champions Gate and Reunion has really grown fast," Marchand said. "[The market] keeps getting stronger and stronger."
Marchand said the firm jumped on the opportunity about a month ago, when an email blast was sent out to notify potential developers and investors who would be interested in bringing a new hotel project on the site.
The company wants to bring a new 120-room extended stay hotel product, Marchand said. The firm is in the midst of choosing a hotel flag, and has a history with InterContinental Hotels Group.
It's currently developing at least two hotel projects under the brand in Florida, one being a Staybridge Suites underway near the Coconut Point Mall in Estero, and a dual-branded EVEN and Staybridge Suites hotel within its 20-acre Destination Shoppes at Universal mixed-use project that fronts Universal Boulevard and Destination Parkway.
The proposed hotel will front a market-rate 325-unit multifamily complex being developed by Watermark Residential.
Including the the most recent lot under contract with ComTerra and Watermark's 16.4-acre lot, the 46-acre Blackwater site lies right in the heart of one of the region's most active submarkets for new construction.
It's right next to Legacy Union Park apartments and just down the street from Garrett Company's Echelon.
Encore Capital Management's 108-acre mixed-use Reunion Village, across C.R. 532, will include 300 vaction home sites. The developer has also signed potential land leases with Longhorn Steakhouse and Olive Garden on the retail outparcels.
DeBartolo Development is building a 326-unit mix of townhomes and apartments in Reunion on Sinclair Road, and RIDA Development Corp. is completing The Preserve, another Class A community in ChampionsGate.
And more recently, a new Aldi Food Market is under construction at 7598 Osceola Polk Line Rd. and will open in the coming year.