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The Dinerstein Companies is looking to expand its Central Florida portfolio with its third multifamily community in Kissimmee’s desirable LOOP submarket.
The Houston-based developer is currently building its first ground-up community in the market with the 320-unit Millenium at MetroWest. TDC paid $8.6 million last summer for the Veranda Park site that overlooks Turkey Lake.
Development Associate Laurn Randall told GrowthSpotter the MetroWest project is now in framing and should begin pre-leasing by the end of the year, with the first units available for delivery in early 2022.
The company entered the Orlando market in 2018 with the acquisition of Infinity Residences at the Park in Baldwin Park. Randall said the market exceeded expectations and maintained strong occupancies last year during COVID, which is one reason TDC chose to expand its holdings here.
TDC is the contracted buyer for the designated multifamily site in Kissimmee’s Flora Ridge Planned Unit Development (PUD). The 19-acre site will be sandwiched between the new Square at Osceola shopping center and the Ball Park Road extension to the south.
“Kissimmee is growing,” Randall said. “The site is walkable to a lot of retail. There’s a Publix right across the street, and there’s a brand new retail development just to the north, so we believe this will be a great main-and-main location for a Dinerstein property.”
The development team, which includes Kimley-Horn, had a Development Review Committee meeting with Kissimmee Tuesday morning to go over the site plan and issues related to parking, buffers and road connectivity to the new shopping center.
The submitted site plan calls for a total of 400 dwelling units across 10 garden-style apartment buildings. The buildings will be 3-story walk-ups with surface parking and some detached garages. There’s also a pool and clubhouse that will include a fitness center, parcel pending lockers and a leasing office.
The development matrix calls for 40 studios, 176 one-bedroom, 164 two-bedroom and 20 three-bedroom units. Randall noted that the floorplans at Kissimmee will be slightly larger than a typical Dinerstein community to accommodate the rental demand from families.
“We’re actually doing more two-bedrooms, twos and threes, than we typically do, and that’s kind of the renter demand,” he said. “And even saying that, the studios are larger than any I’ve done in my career.”
Randall said the pet-friendly community would feature standard finishes, including vinyl plank flooring, granite counters and stainless steel appliances. Smart locks also come standard.
Randall said TDC expects to break ground in the fourth quarter and will deliver its first units by the first quarter of 2023.
The LOOP area has been a magnet for new high-end multifamily development in Kissimmee. Epoch Residential has completed two new communities, Calirosa active adult and Sonceto, just south of the Ball Park Road extension. Combined, they have 488 units. Epoch still has entitlements for a third phase, which could be either an assisted living home or another 292 apartments.
The former Osceola County Softball Complex lies just east of the property. The county has sold that site to Elevation Development, which filed plans with JV partner The Latigo Group to build a pair of luxury apartment complexes on the 25-acre site. The plan calls for a mix of 4-story and 5-story buildings. They will be elevator-served with interior corridors. They recently submitted a Developers Agreement for the project, which will be built over two phases. The first phase, The Infield, pays homage to the site’s history.
Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407) 420-6261, or tweet me at @byLauraKinsler. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.