Central Florida Investments, the parent company of timeshare giant Westgate Resorts, is prepping to sell long-held assets on Osceola County’s Westside Boulevard corridor in the Four Corners market and in Orlando near the Mall at Millenia.
CFI is seeking to rezone the 188.5-acre property that straddles Westside Boulevard just north of the Westside K-8 School. The company has applied for Commercial Tourist zoning.
Mark Waltrip, COO of Westgate Resorts, told GrowthSpotter company founder David Siegel bought the land for $168,000 in 1974, long before he ever got into the timeshare business. The future land use of the property is Tourist Commercial, but it’s still zoned agricultural and much of it is wetlands. With Commercial Tourist zoning that allows up to 80 multifamily units per acre, it could be worth millions.
“We’ve had several groups approach us about buying the property, but everyone wants to tie it up subject to rezoning,” Waltrip said. “So we decided to go ahead and rezone it ourselves and market it.”
During a pre-application meeting with county planners in July, VHB’s Erika Hughes submitted a conceptual plan that would carve out a 20-acre multifamily site just north of the school. The site would allow for 306 dwelling units and 613 surface parking spaces, along with a clubhouse and pool. Hughes said the initial concept called for 5-story buildings. The project would impact roughly 10.5 acres of wetlands.
Waltrip said CFI usually works with a broker when it divests of property, but in the case it may not be neccessary.
“That area is really hot for apartments,” he said. “Normally, we would engage a broker. But to be frank, in that area if you’ve got a good site all you need to do is put up a sign with a phone number.”
Timeshare resort company Westgate Resorts is reactivating old plans to entitle some nearly 20 acres of land it owns, which consists of one of its first Orlando resort hotel projects built in 1983, for multifamily use.
This would be the third CFI-owned site to be sold for multifamily development. The company recently engaged Ryan Moody with Newmark Knight Frank to market its 44-unit Seasons apartment community and undeveloped land near the Mall at Millenia. Westgate successfully rezoned the property along Texas Avenue to convert unused timeshare entitlements for multifamily development.
The Bainbridge Companies is under contract for the former Mystery Fun House site near Orlando’s Universal Studios theme parks. Bainbridge has approved plans for a luxury community with nearly 400 units.