Winter Park-based Epoch Residential will break ground in the next 30 days on the a pair of multifamily communities totaling 448 units in Kissimmee's LOOP submarket.
The luxury multifamily developer closed last week on 74 acres in the Flora Ridge Mixed-Use PUD, east of Dyer Boulevard and about a third of a mile south of Osceola Parkway. Epoch paid about $6.5 million for the property, which has approved plans with the city of Kissimmee for up to 788 dwelling units.
Epoch President Justin Sand told GrowthSpotter the project is divided into the three phases, but Epoch will build the first two phases concurrently, along with the extensions of Ball Park Road and Thacker Avenue. The developer is awaiting final permit approvals from the city.
Phase 1 is a 296-unit Class A apartment community with a combination of 4-story elevator-served buildings and 3-story walk-up garden apartments. Phase 2 will be a separate 152-unit active adult community, Sand said.
"It's been a long time since Epoch has done anything in this submarket," he said. "It will be comparable to Integra Sunrise Parc and the projects by Fore Property Company. It's not like anything we're building in Orlando."
Sand said Epoch enlisted Forum Architecture, which has an extensive portfolio of projects in Kissimmee, including the nearby assisted living facility, to design the communities capitalizing on the popular "modern farmhouse" trend.
Each complex will have its own amenity center, pool, dog park and pet spa, package lockers and outdoor grilling areas. Dix.Hite + Partners is the landscape architect.
"For the active adult, the space is larger, so that's one design difference," Sand said. "There's a wellness center that expands on the fitness center concept."
Epoch received a conditional use approval from the city to build an assisted living facility in Phase 3, but Sand said the firm has the option of doing a 292-unit apartment complex instead.
TD Bank provided financing for both projects: $35 million for the apartments and $16.9 million for the active adult community. The first units should be delivered by the First Quarter 2020.
Editor's note: This story has been updated to correct the number of units allowed in Phase 3.