A Dominican family investment group paid $2.69 million last year for state surplus property on Kissimmee's busy John Young Parkway (JYP) and now wants to rezone it for apartments and retail.
Florida Site Selectors has applied to the city for a land use change for high-density multifamily on 15 acres at the southwest corner of JYP and W. Carroll Street. They're also seeking a Mixed-Use Planned Unit Development (MUPUD) zoning for the project they're calling Point of Kissimmee.
"I'm the broker and developer," partner John J. Jones told GrowthSpotter. "We helped them buy it from the state, and now we're working with them to change the land use and zoning. We want to get the quality and number of apartments that will be satisfactory to the city, and we're looking at some possible commercial development on John Young."
The city's Development Review Committee is scheduled to consider the concurrent applications on June 12.
Jones and partner O.H. "Robby" Robinson have nearly 50 years of experience in all phases of commercial real estate.
"I've done a lot of development in Osceola over the years," Jones said. "We did a CVS and Krispy Kreme in Kissimmee, and we've done several projects on 192 in St. Cloud."
The MUPUD application is seeking approval for 264 multifamily units, but Jones said the final unit count and price point would be determined after a financial assessment takes into account Osceola County's new $11,362 per-unit school impact fee.
"We'll have to look at the numbers and see what makes sense," Jones said.
Engineer William K. White has already begun drafting a preliminary site plan. If the owners elect to proceed with apartments, they would either hire a builder or consider a joint-venture development partner.
It's in a corridor booming with new Class-A multifamily construction. Fore Property Company is planning its fourth luxury apartment complex on Ballpark Road, and Epoch Residential filed plans last month with the city for a multi-phased development with up to 788 units nearby in Flora Ridge.