South Florida-based luxury apartment developer DLC Residential is rebooting a 326-unit apartment complex on Kissimmee's W192 tourist corridor.
DLC affiliate Bella Terra Citrus Ridge LLC paid $6.2 million on Jan. 31 for the 23.4-acre parcel west of the S.R. 429 interchange, and directly south of Orange Lake Resort.
Atlanta-based Candler Development Company was under contract to buy the same parcel a year ago, but walked away from the deal. Candler had an approved Site Development Plan (SDP) that called for a mix of four-story apartment buildings and carriage house apartments along the perimeter of the site.
Building permits were approved in July 2015 for the complex, which included 145 one-bedroom units, 181 two-bedroom and three-bedroom units and a clubhouse/leasing office. Those permits were extended last March and again this month.
The parcel has nearly 1,000 linear feet of frontage on W192 in the hot Four Corners submarket. The site plan included five commercial outparcels, two of which could be combined to accommodate a hotel pad.
The company builds all of its communities with an in-house general contractor. That allows DLC to keep costs down and invest more in higher quality finishes and amenity packages.
The company has completed multiple Class A complexes, primarily in Texas under the brand "Dolce Living."
The DLC project is the second new multifamily project slated for the immediate area. Margaritaville Resort developer Encore Funds last year sold a 24-acre parcel just south of the nearby Super Target to Tampa-based DeBartolo Development, which is building a 324-unit complex called Domain.
DeBartolo President Edward Kobel told GrowthSpotter Domain will open in the next 60 days. The design is unlike anything DeBartolo has ever built and has already proven popular among Disney employees, he said.
"It's fun," he said. "It's got flair. It's bohemian beach style because we're located in the Margaritaville Resort."
Kobel said DeBartolo went "over the top" in the amenities, including a pool, fountains, mini-spa, gameroom and a large grilling area.