The 73-acre site is immediately south of Storey Lake, and behind the Super Target on W192 in Kissimmee. Lennar has a purchase contract for the property.
Westgate's holding company has owned the undeveloped land since buying it in 1993 for $6 million. A joint stormwater pond that serves the Target store occupies several acres. The rest was approved in 2007 as a Planned Development to include hotels, timeshares and a mix of tourist-themed retail development.
Osceola's Development Review Committee on Wednesday approved a request from Lennar to rezone the property to Tourist Commercial, which allows short-term rental uses and high density residential. The request next goes to the Planning Commission before final approval from the Board of County Commissioners.
Storey Lake, located at the intersection of Osceola Parkway and Vineland Road (S.R. 535), is approved for approximately 2,000 homes. The community offers condos, townhomes, vacation homes and single family homes. The clubhouse now under construction features a resort pool with lazy river, a splash park, sport courts and a miniature golf course.
Osceola Planning Director Kerry Godwin said Lennar officials have not met with the county regarding plans for the property, nor have they filed any preliminary concept plans.
Although the site can only be accessed via Target Boulevard, it could easily be connected to Storey Lake through an extension of Storey Lake Boulevard, according to Principal Engineer Jose Gomez.
Lennar filed for a formal wetland determination this week with the South Florida Water Management District.
Westgate and Lennar officials declined to comment for this story.