UPDATED: JUNE 10, 2016 9:30 PM — A Brazilian real estate investor will pursue a Commercial Tourist rezoning for 6.9 acres on Osceola Polk Line Road in Four Corners, his broker told GrowthSpotter Friday.
Sean Fullerton said his client, Haroldo de Barros, has a contract to buy the property, which is just outside of the Reunion Resort. He attended a pre-application meeting June 2 on de Barros' behalf with Osceola County planners to discuss a proposal to build a 120-unit apartment complex there.
County staff advised him to seek the Commercial Tourist land use and rezoning, which would allow for the greatest flexibility. Fullerton said as they move forward with the permitting process, the highest and best use will reveal itself.
"In this case, I can't tell you they're going to build 120 apartments," Fullerton said. "I have discussed that property with another potential buyer who is looking for a site to do a branded hotel."
Fullerton said de Barros, through his affiliate Danpol Development, currently owns two other parcels in the Four Corners market that are fully entitled.
"They haven't built on either of those properties," he said. "When the market gets real active, like it is now, investors sometimes will tie up a piece a property and wait for a buyer. I see that happening in this case, it's certainly one of the options."
The county line property is adjacent to a new luxury condo project by Feltrim Group that will break ground in July.
Immediately to the south is Lake Wilson Preserve, a 92-acre mixed-use project in Polk County that's fully permitted by FHC Development and approved for 116,228 square feet of commercial and 347 townhomes and apartments.
That property is on the market now for $14 million. FHC CEO Frank Cawthon said the proximity to ChampionsGate and Reunion has attracted a lot of interest.
"We've entitled it and have all the engineering in place," he said Friday. "We've cleared and graded the site. Somebody could pick up from there and go forward with the infrastructure."
Editor's note: This article has been updated to correct the name of Mr. Barros' affliate company, Danpol Development.