Bellavista Building Group has formed a partnership with a Chilean investment firm FFB Properties to launch three new townhome communities in the Orlando market this year.
Bellavista CEO Aldo Martin told GrowthSpotter the partnership almost didn't happen. The investors debated whether to take the meeting or have a beer before their flight home.
"This is their first project in Orlando," Martin said. "They were here last year for a few days looking for partners, and the last day -- the last hour -- they connected with me. Now we're doing three projects together."
Two communities are in Osceola County south of Kissimmee, while the third is on Orange Boulevard in Sanford. Bellavista has filed construction plans for the first project, Alexander Park, located on Ham Brown Road across from the Lowe's Distribution Center.
The Planned Development calls for 79 townhouse units plus a community pool and cabana. The developer paid $1.1 million in late November for the 29-acre site and is in the process of acquiring and entitling an adjacent 4.8 acres which will allow for another 15 townhomes.
"We're going to break ground as soon as we get engineering permits, probably by the end of February," Martin said. "We're hoping to do it all in one phase so we don't have to mobilize twice."
Martin worked closely with Keesee and Associates to design a new townhouse product that complies with Osceola County's new land development code. The townhomes will range in size from 1,700 square feet for the three-bedroom units to 2,100 square feet for four-bedroom units, and all will have a two car garage.
"We're targeting the entry-level, first-time home buyer," Martin said.
The engineering team includes Boyd Civil Engineering, Bio-Tech and Universal Engineering. Latham, Shuker, Eden & Beaudine provided legal representation.
The second Osceola project is in the Kissimmee city limits, on Pleasant Hill Road, near the intersection with U.S. 17-92.