The property wasn’t on the market, but Cambó approached the owners directly. No brokers were involved in the transaction. He told GrowthSpotter the property is entitled for 300,000 square feet of commercial space, and it contains a restriction that no more than half of the site can be developer for multifamily housing.
“We’re actually going to develop it as it’s been approved,” Cambó said, noting that Alliance is just beginning the site planning process for the land.
Alliance specializes in the development of charter schools, multi-family apartments and shopping center redevelopment. The company first entered the Kissimmee market in 2016 with the construction of Avant Garde Academy (now Cosgrove Academy) on Orange Blossom Trail.
Initially, the company was looking at doing about 150,000 to 200,000 square feet of big box retail on the site and selling the back half to a multifamily developer. But after receiving multiple unsolicited LOIs for the multifamily portion, Cambó said the Alliance decided to reverse course and start with the apartments. They’re looking to build 4-story, garden-style, elevator served apartments, similar to a project currently under construction in Melbourne.
“I work in eight different counties, and multifamily is going bonkers all over the state,” he said. “Especially workforce housing. We hope to be coming out of the ground by the Fourth Quarter. Then the commercial will come when it’s ready. We’ll take our time and do something that’s high quality."
Cambó said he believes the location could be ideal for a hotel because of its proximity to Osceola Heritage Park and NeoCity.