A Brazilian investment group led by engineer Odilon Monterio has applied to rezone a 20-acre parcel on the Westside Boulevard corridor for a new multifamily development.
Monteiro is a veteran civil engineer in Sao Paulo and a lead executive with real estate-focused engineering firms Pozam Engenharia and Smart Engenharia.
Osceola County's Development Review Committee is scheduled to vote on the Commercial Tourist rezoning application this Wednesday. That zoning allows up to 40 units per acre.
Monteiro recently filed a school concurrency report indicating he would construct 547 condos or apartments.
An affiliate company bought the undeveloped land in April 2016 for $499,000. The parcel lies on the east side of the Westside Boulevard corridor, immediately south of Mattamy Homes' new Solara Resort. Mattamy is extending Westside Boulevard to the southern boundary of its property.
Monteiro had engaged Askey-Hughey locally, and their team met a year ago with Osceola County planners to discuss development issues and road connectivity to the north and south of the property. At the time, they were discussing a vacation home resort.
The county's transportation plan designates Westside Bouelvard as a future multimodal corridor and calls for it to be extended all the way to Bella Citta Boulevard.
Feltrim Group CEO Garrett Kinney was also advising Monteiro during the due dilligence phase. He told GrowthSpotter he advised the client that the cost of sand skink mitigation for the site would make detached vacation homes financially unfeasible.
"I brought Bio-Tech on board to help them deal with a the early environmental issues," Kinney said. "We were able to bring their mitigation costs down from $750,000 to about $100,000."
While the Brazilian group is looking to add density, another land owner on the Westside corridor wants to reduce it.
The Osceola DRC is also slated to consider a similar rezoning request from the owners of the 46-acre Westside Village Center, at the southeast corner of Westside and Goodman Road. The ownership group, which is based in Tampa, also filed a Comprehensive Plan amendment seeking to remove the parcel, known as "Parcel K" from the Westside PD.
The parcel is currently entitled for up to 120,000 square feet of commercial/retail space, 80,000 square feet of office uses and 650 condominiums. That PD, and the associated uses, were approved when the Westside corridor was identified as a future Mixed-Use district in the county's Comprehensive Plan.
Last year, the county amended the Comprehensive Plan to change the Future Land Use to Tourist Commercial. Now the owners want to eliminate the entitlements for offices and condominiums, and county planners are recommending approval of the CPA and straight zoning.