The land is on Lake Wilson and includes 6.3 acres of upland property. It has a driveway access to W192 between the Magic Castle Gift Shop -- the one with the wizard on the roof -- and a Golden Corral-anchored retail plaza.
Land use attorney Jo Thacker assisted Sternon in rezoning the property to Tourist Commercial, which allows a maximum of 40 residential units per acre and has no height limit. The rezoning was approved in January.
The rezoning application indicated the project would be condos with up to 328 units. Sternon launched a marketing campaign last November to EB5 investors for a Disney-area mixed-use project in Kissimmee called "Fortune Star." It would comprise three residential towers, ranging in height from 11 to 20 stories, with structured parking and ground-floor commercial space.
Scott+Cormia confirmed it is designing the towers for Sternon but would not disclose the location of the project. This land that was purchased last week isn't large enough to accommodate the development plan described on the company's website.
Scott Harter, a broker for Coldwell Banker Commercial in Ormand Beach, represented the sellers, a family investment group who had owned the property since 1999.
"They bought it to develop, but they -- like everyone else -- got caught in the downturn," Harter said. With so much new construction on that stretch of the tourism corridor, they felt the time was right to sell.
Harter said condos were just one of the development scenarios for the buyer.
"They've actually got a few ideas. They want to meet with the seller to pick his brain to get his best thoughts on what to put there."
The site is a mile east of Margaritaville and across W192 from the first two Magic Village resorts. It's within minutes of Disney property and directly across from a new hotel planned for 2019 construction.
Sternon maintains corporate offices in Africa, Dubai and India, and associate offices in the UK and here in Florida. The company isn't new to the Orlando market; it completed Sternon Plaza, a multi-tenant office condo building in Winter Springs, in 2005 and still keeps an office there.