Vacation home specialist Feltrim Grouphas received approval from Osceola County for an 88-unit luxury condo project called Crescent at Reunion Resort & Club.
The Davenport-based developer bought the 4-plus acres in Reunion, just north of the Polk County line, last November for $1.4 million and immediately applied for a slight increase in density to accommodate the new design.
Crescent will be comprised of 78 condos and 10 townhomes, Feltrim CEO Garrett Kenny told GrowthSpotter. He said the project includes a mix of 1-bed, 2-bed and 3-bed units. Preconstruction pricing ranges from $400,000 to $490,000.
Kenny, who was in London this week for the A Place in the Sun exhibit, said the Crescent is about 40 percent pre-sold.
Feltrim has applied for a building permit for the largest building, a four-story condo building with 28 units, and plans to start construction in July. The Crescent also includes two three-story buildings and three two-story townhouse buildings, all with detached garages.
The project comes on the heels of Feltrim building and selling out an 80-unit townhouse vacation rental community at nearby ChampionsGate. The developer also recently broke ground on Balmoral, a vacation home resort in Haines City.
The massive Reunion Resort is approved for more than 6,000 homes. Master developer Encore Funds has built hundreds of vacations homes, but only a few hundred lots remain. The resort is entitled for 4,433 multifamily units, of which nearly 2,500 are built.
Encore has filed construction plans with South Florida Water Management District for a 300-room hotel with its own water park, conference center and sound stages. So far no plans for the hotel have been submitted to the county.