UPDATED: JANUARY 10, 2017 5:17 PM — Lead executives with Orlando-based Park Square Homes continue pushing the company to diversify away from its single-family legacy, with two new hotel developments in Seminole and Polk counties a focus of the next few months.
Vishaal Gupta and father Suresh Gupta, principals with Park Square, have a 2-acre site under contract in Sanford through affiliate Savi Investments LLC. They're in due diligence on the property, and have a pre-app meeting set for Wednesday with Seminole County planners.
Located at 133 Hickman Road, the site lies east of Interstate 4 and north of S.R. 46. The Guptas described the potential project as a 98-room Tru by Hilton hotel.
"Our due diligence now includes getting feedback from Seminole County. Because the site is not yet approved for a hotel, we want to see if this would be a supported use," Vishaal told GrowthSpotter on Tuesday. "We're working with Hilton as well to see if we could be approved at this site for the Tru brand. We're not approved yet, but (Hilton) has given us their preliminary support, saying it fits the criteria."
The Guptas will go hard on a contract deposit in early March, Vishaal said, providing a window of two months to clarify the development opportunity with Seminole and Hilton. LandSmart Consultants is representing the Guptas on the project.
The site is roughly 10 miles west of Orlando Sanford International Airport and the Seminole County Sports Complex, both of which could provide consistent demand for a new hotel in an undersupplied submarket, Vishaal said.
The potential Sanford project is a few months ahead of the Guptas' plans for a 120-key hotel pad at Champions Plaza, a 20-acre retail portion of their 40-acre Champions Vue development in Polk County.
Vishaal said the company recently signed extended stay flag Woodspring Suites for that property, will begin architectural designs soon and has yet to file plans for that site with the county.
The two projects would be the Guptas' first venture into hotels, as they make a concerted effort to diversify Park Square beyond its traditional role as one of the area's largest single-family homebuilders.
This follows the purchase last April of 11.44 acres south of UCF, where the company plans and mix of apartments and retail. And in November, the company shared a concept plan for 168 upland acres it's pursuing for purchase in Kissimmee's W192 tourist corridor for a luxury mixed-use development combining residential, retail and three hotels.
The Guptas' first effort to branch out into commercial began in Fall 2015 at ChampionsGate, when they introduced plans for the mixed-use Champions Vue.
Established 32 years ago, Park Square Homes built a reputation locally for building high-end vacation homes and resort products. The company is doubling its residential development work in 2017, and currently has more than 2,000 lots in development or predevelopment across Central Florida.