A South Florida architect/developer has acquired the long-vacant Parkside Inn on U.S. 192 in Kissimmee and may convert it to a condo hotel.
Weston-based Ruben Santurian is managing member of Parkside Capital Group LLC, which paid $4.2 million earlier this month for the 188-room motel at 5367 W. Irlo Bronson Memorial Hwy. He told GrowthSpotter total investment, including a projected $4 million in renovations, will approach $8 million.
Santurian said the former budget property will have a high-end design and finishes. "We are working on details of the final project, we are hoping it will take two months to get approval and start renovations around March 2016. The timeline is finishing renovations in December (2016)."
Santurian said he and his investment partners are considering converting the Parkside into a condo-hotel, but would likely maintain the same number of units. It would be the team's fourth such project - they're currently building the H3 condo-hotel in downtown Hollywood, Florida.
If they go with the condo conversion, the Parkside would be marketed primarily to South American investors. Santurian, 53, was born in Uruguay and raised in Argentina. He has lived in Florida for 14 years.
Santurian is also an accomplished artist who has exhibited in the U.S. and his hometown of Buenos Aires. He specializes in using recyclable items as material for his sculpture, murals and mixed-media artwork. He plans to incorporate several original pieces into the design of the hotel property.
David Buchheit, executive director of the W192 Development Authority, said another investor is currently renovating a shopping center adjacent to the motel.
"They just did the exterior and parking lot," he said. "It's looking really good now. The Parkside has been closed for a while, so I'm thrilled to have something coming in that's going to benefit the whole area."