A trio of local investors are prepping to build a 72-unit townhouse complex on St. Cloud land they bought a decade ago, and have yet to hire their early-stage design team.
"We bought it with the idea we would build on it, but with everything happening with the banks and crash, we just decided to wait," Pedro Castro told GrowthSpotter on Thursday. "Now we are moving ahead."
Castro and his wife, Lourdes, together with partner Olga Bader, paid $680,000 in 2006 for four parcels totaling 9.6 acres in St. Cloud, tucked between Michigan and Indiana avenues.
Castro, of Winter Garden, met this week with Osceola County planners to discuss replatting the lots into a single parcel and rezoning it to Low Density Residential. He anticipates starting construction in 2017.
As the project progresses through the permitting stage, the company will be looking to hire a civil engineer, architect and general contractor.