AD1 Global’s three-building hotel project in the Four Corners area of Orange County is back on track after a short postponement.
The hotel operator and developer withdrew its Environmental Resource Permit application last summer in order to work out a contingent easement deal and purchase some wetland mitigation credits. But those plans have just been reactivated.
According to an ERP application recently filed in the South Florida Water Management District, AD1 Global wants to begin mass grading 57 acres of land at 7509 Bali Blvd., where it intends to develop a luxury resort community featuring a shared aquatic park amenity center.
Marketing Director Jon McMillian told GrowthSpotter the firm has resolved all matters necessary for it to begin the permitting process.
Plans call for three, seven-story hotels with flags from IHG and Marriott International. Those include a 122-room Staybridge Suites, a 151-room Holiday Inn Express and a 145-room Four Points by Sheraton hotel.
McMillian said the developer hopes to begin vertical construction sometime before the first quarter of 2021.
The project is expected to cost $70 million to develop. AD1 Global will use EB-5 financing to fund a portion of the resort.
The property had been bank-owned before AD1 purchased the site in 2013 for $800,000.
Plans consist of splitting the 57-acre property into three lots for the hotels and dedicating about 10 acres to a shared water park and stormwater pond. The remaining land will be saved for conservation.
AD1 has expanded its portfolio to include 22 hotels across Florida, with nine located throughout the Greater Orlando region.
Last month, it completed converting the former Royal Parc Suites hotel in Kissimmee to a Staybridge Suites hotel. In October, it completed a multi-million-dollar renovation of the former Comfort Inn on Palm Parkway and converted it into the Crowne Plaza hotel, another IHG brand.
McMillian said AD1 expects to have a Certificate of Occupancy at its dual-branded Aloft and Element by Westin hotel, currently underway near SeaWorld, by September.
The firm sought to build and operate hotels in Osceola County, as part of solicitation by the county requesting proposals for two full-service, conference-center hotels adjacent to Osceola Heritage Park’s exhibition center and in the heart of the new NeoCity tech district.