O’Connor Capital Partners has turned to two of its longtime development partners to bring even more high-density residential growth to the former Tupperware property in Osceola County.
OCP closed out the $87 million acquisition of the 740-acre Tupperware land holdings in November 2021. That deal was preceded by the sale of 16.5 acres to Miami-based Waterstone Capital northwest of the Tupperware SunRail Station.
Waterstone paid $11.45 million for the land in the Osceola Corporate Center Planned Development where it plans to build 448 transit-oriented apartments. Park Square Homes affiliate, Hallmark Equity Partners, purchased a hotel pad in 2020 fronting on Osceola Parkway and has an approved site development plan for the hotel.
Now OCP Development Director Peter Bergner confirmed that two other major parcels are under contract to Fore Property Company and Altman Companies. “The market is just on fire right now because it’s an infill location,” he said in an earlier interview.
Fore Property has a foothold already in the Tupperware area, having built multiple market-rate apartment communities in the Osceola Corporate Center PD. The latest, 19 South, is now in lease-up and will wrap construction in the second quarter. Bergner told GrowthSpotter Fore is under contract for the TOD parcels south of the station that has entitlements for high-density residential, retail and office uses.
Fore and JV partner PCCP broke ground in December on their latest luxury community in the Four Corners area, about a mile from Disney’s Flamingo Crossings. The developers are approved for a pair of communities on Hartzog Road with a combined 472 units. When completed, the Overlook-Haven at Lake Britt duo will have a combined value of over $100 million.
Altman Companies, based in Boca Raton, also has experience in the area. In 2016, the company purchased a 27-acre site on Osceola Parkway and built the 356-unit Altís Shingle Creek community. The company sold the asset in 2018 for $75.3 million.
Altman also has a working history with O’Connor Capital. In Orlando, it recently broke ground on Phase 1 of Altís Grand on Lake Willis, which will feature 329 upscale garden-style apartments. The project is approved for a total of 565 units. Located on Daryl Carter Parkway, it abuts Vineland Pointe, a Target-anchored multi-phased retail center that is being developed by O’Connor Capital.
“We’re actually buying an acre from them to build a 6,000-square-foot strip center,” Bergner said.
In Kissimmee, Altman is under contract for 36.7 acres on Orange Blossom Trail immediately south of the Tupperware World Headquarters. The firm has engaged Abdul Alkadry with Harris Civil Engineering and Barry Rymer with LRDG to assist with site planning and entitlements. The two attended a pre-application meeting Wednesday with Osceola County’s Development Review Committee to discuss the initial conceptual plan, which divides the parcel into two phases, with 324 units slated for Phase 1 and another 320 units in Phase 2. Each would have its own clubhouse and pool, according to the site plan.
Rymer said the first phase could be built without impacting any wetlands. The existing stormwater retention ponds along Orange Blossom Trail could be expanded to compensate for any additional runoff caused by the development. But Phase 2 would require wetland mitigation, and they are in the process of applying for environmental permits from the South Florida Water Management District.
“The wetlands in Phase 2 really had an influence on how we designed phase 1 and phase 2,” he said.
The first phase would resemble a typical Altís-branded community, with a variety of building types that include direct entry units and tandem parking spaces. The second phase matches the company’s prototypical Altra-branded community, with 4-story, elevator-served buildings and some tuck-under garages. The developer has previously paired its two brands in side-by-side communities, most recently in Miramar.
The concept calls for gated communities that could be accessed from the west by Orange Blossom Trail or from the east via a future extension of “Healthy Way Drive,” the road that runs along the back of the Orlando Health site. But Cori Carpenter, director of planning and design, said the county would require an east-west road with sidewalks through the property and would frown on the gated aspect because the PD is designed to support walkability and access to transit.
“The idea of the centers and the entire premise of the PD is interconnectedness and allowing for a network to develop. So that’s why gates are expressly prohibited,” Carpenter said. “There may be opportunities where we can work with you, but that would require an amendment. And it would require you to go above and beyond with the connectivity outside of the gated area — if it was something we could support. And we just have to see what you present.”
The Altman parcel is west of the San Mateo Crossing, the first multifamily development to be built after the SunRail station opened. Eastwind Development completed the 352-unit, luxury, garden-style apartment community in 2019 and sold it for $64.2 million in September.