Hollywood-based hotel owner-operator AD1 Global has firmed up plans for a trio of select service hotels on 57-plus acres in southwest Orange County near Four Corners, filing a joint Development Plan and Preliminary Subdivision Plan on Friday with Orange County.
The developer first floated a conceptual plan in December 2016 with county staff for three seven-story hotels and a shared water park-style amenity center. The property lies at 17509 Bali Blvd., northwest of the Avalon Road intersection and 7.7 miles west of Disney's Animal Kingdom.
That was followed by waiver requests and a successful conversion this past May of 300 timeshare units into 500 hotel rooms within the Cassis Development PD zoning.
AD1 had its three flags lined up in May, and those remain the same on Friday's newly-filed DP/PSP: Staybridge Suites (122 rooms), Holiday Inn Express (151 rooms) and Four Points by Sheraton (145 rooms).
AD1's pace to start mass grading and site work has been delayed a bit on this project by its other developments in the state, and is now estimated to begin between Second and Third Quarter 2018, CFO Alex Fridzon told GrowthSpotter on Friday.
Total project cost is still estimated near $70 million, he added, with partial financing to be sought via construction loan and EB-5 foreign investors. AD1 would own the three hotels and amenity center itself, but is subdiving the property now to facilitate future sale options.
A general contractor selection to lead horizontal construction could be made in late Q1 2018, Fridzon said. Vertical construction is not anticipated until Q4 2018 or later.
Of the gross 57.13 acres only 19.14 acres will be developable. The DP and PSP call for a split of three lots for the hotels of between 2.37 and 3.59 acres, a fourth lot of 10.29 acres that covers the shared water park and stormwater pond, and more than 37.9 acres of conservation easement.
The properties would benefit from back-of-house synergies. Shared outdoor amenities on the new DP include a playground area, tiki bar, lazy river, spa, swimming pool with waterfall island, pool deck platform overlooking the pond, a boardwalk around the lake, waterslide, splash pad, and lake dock and water sports equipment rental shop.
The project would be constructed in three phases, to begin with mass grading and drainage, followed by the three hotels and infrastructure and finally the pool and amenity area.
A Conservation Area Determination has already been recorded with the county.
AD1 has been active this year in expanding its hotel portfolio in Greater Orlando to five assets, buying a 200-key Comfort Inn near Lake Buena Vista in late September, and the Quality Suites Royale Parc in Kissimmee on Sept. 14.
In terms of new construction, the company has a sixth hotel totaling 315 rooms planned for 5.18 acres that were bought in August near SeaWorld, and the trio of select-service hotels on Bali Boulevard.