A group of Miami-based investors paid $7 million in late December for vacant land next to the former Champions World Resort on U.S. 192 and are prepping it for new multifamily development.
Todd Linden, founding partner of Circle Capital Partners, said his firm is an equity partner for the 16.6-acre project on the south side of U.S. 192, across from the Vista Del Lago community Four Corners. Linden said he and his partners plan to take the project through entitlements and permitting for an apartment complex with between 300 and 330 units.
“We look for opportunities to buy land in very good locations that we can entitle and then sell to the developer,” Linden said. “We don’t take the development risk. So we’re entitling this asset, and then we’re selling it to a proven developer that I’m not going to mention at this time, that’s going to build multifamily apartments.”
The subject property consists of three parcels, two of which previously served as sports fields for the former Champions World Resort next door. That hotel sold in 2020 and is undergoing a residential conversion into workforce housing. Its neighbor to the west is Osceola Fire Rescue station 71.
The largest tract fronts on U.S. 192 and previously had zoning approvals in Osceola County for a Planned Development with a mix of hotel or timeshare units, apartments and retail. Harris Civil Engineers has previously filed a conceptual plan with Osceola County showing a hotel and restaurant fronting on the tourism corridor with apartments on the balance of the site, but Linden said they are updating the site plan so it eliminates the hotel and commercial uses.
The entire site is under contract to the multifamily developer, subject to permit approvals. He expects the company to deliver a market-rate complex.
“So that area, just from a growth standpoint, a lot of the units tend to be a little larger,” Linden said. “They’re not the 850-square-foot unit in that area. It’s closer to 1,000-square feet average. I think they’re just going to build a really high-end, quality product. They’re a great developer that’s built over 40,000 units in their career.”
Linden said the successful lease-up at the nearby Dolce Living Royal Palm and the 2018 sale of Douglas Grand at Westside both point to the strong demand for new multifamily product on the tourism corridor.
New development in the pipeline includes an international skydiving museum and the $1 billion Everest Place resort at U.S. 192 at the Western Beltway/State Road 429. Across the highway in Orange County, ADËLON Capital is planning a hotel trio with public access Crystal Lagoon. Multifamily projects in the Four Corners market are also underway at Margaritaville and Waterstar Orlando.