Primeland Development, a Brazilian-American real estate firm based in Miami, is making its Orlando market entry with an ambitious $72 million condo resort property on Livingston Road in Kissimmee.
"We are very excited about this property," Primeland CFO Karen Costa told GrowthSpotter on Wednesday. She said the company has a purchase contract on the 10-acre site, which is just southwest of Westgate Vacation Villas and about a mile from Margaritaville Resort.
The project, dubbed Sycamore Orlando Resort, is currently slated for 366 condo units which will marketed to international investors. It would be operated as a condo resort with units ranging in size from one- to three-bedrooms. The development plan calls for six 6-story condo towers surrounding the resort pool and clubhouse.
The property is already zoned Tourist Commercial, so it has no height restrictions.
CivilCorp engineer Catherine Felter presented the conceptual plan Wednesday morning to Osceola County's Development Review Committee, which had mostly favorable comments.
A native of São Paulo, Costa said she has lived in the U.S. for 18 years working primarily as a mortgage broker. She said the Primeland team designed Sycamore to offer their clients an investment option that would bring a strong return, while also keeping management fees in check.
"We needed to come up with something new and something fresh," she said. "Our goal is to bring to the project people who have knowledge and experience in the hospitality sector. We want to hire the best people available because we want to guarantee the quality of the service."
Primeland collaborated with Brazilian architecture firm, Locomotive Creative Group, on the modern-industrial design. The buildings will be constructed of tilt-wall concrete slab. JWB Architecture is the local firm.
"The whole idea is to be contemporary," she said. "We have brick because I lived in Boston, and I missed the brick. It's a little more industrial, because that is what appeals to Millennials, as well."
The clubhouse would have a full restaurant, fitness center, spa, bakery and convenience/sundry store for guests. Outdoor amenities include the resort-pool with cabanas and tiki bar, and a tennis court. Costa said the resort would offer a full slate for programmed activities for guests of all ages.
Primeland launched pre-sales in December with units starting at $137,124 for a one-bedroom unit, $256,698 for two-bedrooms and $324,558 for three-bedrooms. The developer has programmed a price increase for March 15, Costa said. The project is approved for EB-5 investors, she added.
They hope to begin site development and environmental work next quarter and initiate vertical construction by January or February 2020. The resort would be constructed in one phase with delivery of the first units by December of that year.