Orlando-based Elevation Development plans to start construction by the end of the year on an 8-acre retail and hotel project in the heart of Kissimmee's tourist district.
"It's called Parkview due to its proximity to the local theme parks," planner Nick Boehme told GrowthSpotter.
The property is located at the intersection of U.S. 192 and Sherberth Road, which leads directly to Disney's Animal Kingdom.
Parkview at Osceola West will be built in two phases. The first phase, which should get underway later this year, involves a 13,000-square-foot national pharmacy chain at the corner parcel and development of three outparcels with frontage on U.S. 192.
A four-story, 120-room hotel is planned for the second phase. Boehme said the developer has not selected a hotel brand yet. The project will be designed with the flexibility to accommodate a national branded prototype building.
"It's been under contract for some while," Boehme said. "We've been in planning phase for redevelopment of the site for several months."
Elevation Principal Owais Khanani told GrowthSpotter they will close on the property in the next 45-60 days, and ultimately hope to sell the hotel pad once it's entitled.
David Buchheit, executive director of the W192 Development Authority, said what makes the Elevation project exciting is that they demolished a blighted hotel property and are replacing it with new construction.
An exisiting restaurant building on the site will also be demolished and replaced with a new sit-down restaurant, Khanani said. "We're getting pretty good user interest," he said.
Elevation also plans to widen Sherberth Road and realign the intersection with Black Lake Road. The developer also plans to relocate an existing FDOT stormwater pond to the rear of the property. The rentention pond will be expanded to serve both the roadway and the new construction.
"This is an exciting project for Elevation Development to redevelop a dilapidated site in the W192 Tourist Corridor," Boehme said. "A great deal of planning has gone into the design of the project to make way for a select group of tenants to expand their market share in this sought after commercial district."