Montreal-based developer Aldo Coviello said it will take a good architect, a lot of money and some magic to convert a shuttered hotel on Kissimmee's W192 corridor into a modern apartment building.
But that's what he intends to do.
Coviello, president of Aldo Construction, said he has a contract to buy the 222-room former Royal Celebration Inn near the intersection of W192 and Vineland Road. He told GrowthSpotter he plans to invest $8 million to convert the building into 124 apartments.
Coviello has developed multiple condominium projects in Canada, and said he has experience converting older hotels into residential housing in Pompano Beach. The Kissimmee property, an interior-corridor, pyramid-style hotel overlooking Lake Cecile, was built in 1984.
"I've done a lot of conversions," Coviello said. "The way these buildings were made, the size of the rooms and the fact that it's a concrete building, makes it work well to convert."
Lake Cecile Apartments would comprise 112 one-bedroom units (720 square feet) and a dozen two-bedroom, two-bath units (1,080 square feet.) Each apartment will have a full kitchen and stackable laundry system.
"It's going to be a total gut job," Coviello said.
Architect Mark Stephenson said he's planning a major refresh of the building exterior. All the windows will be replaced and the balconies will be updated. The design also calls for a different color scheme and removal of the mansard roof.
"It's going to be a more modern look," Stephenson said.
An existing restaurant space will be converted into apartments, but the complex will have a gym and recreation room. Aldo Construction also will revamp the exterior, including the swimming pool that overlooks Lake Cecile.
"We're going to build a new boardwalk that goes out to the lake, and a nice gazebo at the end of the dock," Stephenson added.
Coviello is familiar with the Kissimmee market. He currently owns Outrigger Village, a 192-unit affordable apartment complex across from the Kissimmee YMCA.
He wouldn't be the first to repurpose an aging hotel into residential product. The former Palms Motel on the E192 corridor recently relaunched as The Remington Apartments.