The owners of a 66-acre parcel on Fortune Road in Kissimmee are looking for development partners for the mixed-use project to complement a new high tech research park nearby on the Judge Farms property.
"We believe we may be able to have some embedded synergies with them," David Salanitro told GrowthSpotter. "As their program develops, perhaps there are secondary uses that support their site."
Salanitro, broker/owner of Sandbox Properties of Florida, is handling acquisitions for two Orlando investors who are natives of Iceland, on a project they're calling Ivy Lakes. He said the firm, Orteka Partners, would be filing a PD modification of the expired Planned Development with the city in the next 60-90 days.
"We're working with a charter school on roughly 15 acres," Salanitro said. "We're quite possibly self-developing 225-240 multfamily apartments on another 15-acre portion – but that could include joint venture as well. We would be interested in partnering with an experienced multifamily developer."
He said the project includes a spine road that would become a four-way signalized intersection with Lakeside Drive. A new 88-unit townhouse community is being developed at the northwest corner of the intersection by Brazilian builder Platinum Construções, as GrowthSpotter reported in May.
The new PD for Ivy Lakes would include up to four outparcels at the Lakeside intersection fronting on Fortune Road, which has more than 35,000 vehicle trips per day.
That still leaves about half of the property unspoken for, and Salanitro said Orteka is open to a number of potential uses: neighborhood commercial, assisted living, office/professional or townhouses.
"We want to get some mixed-use energy on the site," he said.
The location is outside of the E192 Redevelopment District, so it would not be subject to the design standards that are being drafted for the area around the research park.
Cushman & Wakefield is assisting with marketing the site, but Salanitro said all inquiries should be directed to him.