Osceola County's Development Review Committee unanimously endorsed GreenPointe Communities' plan for a nearly 1,400-acre mixed-use development just west of the future Poinciana SunRail station.
Construction would start in mid-2017, according to the project timeline submitted to DRC.
The BK Ranch master plan, which also includes a 399-acre portion of the Frank Brown Estate, calls for 3,031 residential units and 1.89 million square feet of commercial and mixed-use development to be built out over two decades.
The Jacksonville-based developer, in partnership with IBI Group of Maitland, has applied to change the land-use designation for Brown property fronting on Old Tampa Highway from agricultural development and conservation to the rarely-used employment commercial category. The site is 800 feet west of the federally funded rail station.
GreenPointe also must get approval from the state Department of Economic Opportunity to change the land-use designation and rezone the 962.5 acres it controls now from industrial to mixed-use. The firm was required to submit an extensive economic analysis to justify the change.
Its consultant, Fishkind & Associates, concluded that the mixed-use development would generate more jobs and have a stronger economic impact than light industrial/warehouse use.
The consultant estimated that just the construction of BK Ranch would create 510 jobs and have a total economic impact of $84.8 million a year.
"The on-going economic impacts of the BK Ranch project will also generate significant permanent economic impacts each year for Osceola County generating a potential total of 5,930 permanent direct and indirect jobs with earnings of $248.8 million, and a total local output of $1 billion annually," according to the report.
Fishkind performed a comparative analysis of the property if the current zoning were kept intact and concluded it would generate 93 percent fewer jobs and a fraction of the taxable revenue. The report states that even without the GreenPointe land, Osceola County has enough vacant industrial property to accommodate demand for 45 years.
"On the contrary, rezoning the GreenPointe lands would provide housing and workforce homes to support existing vacant (light industrial) lands," the report concludes.
The future land-use amendments and rezoning applications go to the county planning commission on Dec. 3 and the Board of County Commissioners on Dec. 13 before they can be transmitted to the DEO.
The project will pay $13.9 million in mobility fees to the county, an estimated $2.2 million in park development impact fees and approximately $37.7 million to the school district in impact fees, property tax and local option sales tax.