A developer who built over 4,000 multifamily units over his career is eyeing a former hotel site on the E192 corridor in Kissimmee for a $90 million apartment complex.
Jonathan Bell told GrowthSpotter he and a partner have a contract for the 6-acre site at 2225 E. Irlo Bronson Memorial Highway with plans to build 224 luxury apartments. Bell is a vice president for ICN Homes but he previously worked for Winter Park Construction and Epoch Residential. He said the E192 deal is a side project.
The subject property was a former Ramada Inn just west of the Florida’s Turnpike interchange that was demolished in 2014. It’s less than a mile to NeoCity and lies within the E192 CRA district. Bell said the new development along the E192 corridor makes it attractive for Class A apartments.
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“That area is really improving down there, and the rents are very strong in that market,” Bell said. “Rents are close to around $3/foot — much stronger than a lot of other areas around Orlando.”
Some recently completed projects in the corridor include the 420-unit Academy Park apartments, built in 2020, and The Jamison Apartments, which were built that same year and sold in early 2021 for $70.8 million. The 14 Fifty NeoCity luxury apartment community, formerly NeoSquare, is in its initial lease-up with rents starting at over $1,700 per unit.
Bell had a pre-application meeting Wednesday with Osceola County’s Development Review Committee to discuss the rezoning, parking requirements and access points for the new development. He’d like to relocate the driveway entrance from U.S. 192 closer to the center of the property, but that would have to be cleared with FDOT. He may also need to contribute right-of-way for the widening of Simpson Road on the west side of the parcel.
His first step will be to seek a rezoning from the current Planned Development to Commercial so it matches the future land use. He’ll follow with a preliminary subdivision plan and site development plan.
“We’re probably looking at 10 or 11 months before we can start construction,” Bell said.
The conceptual plan calls for five-story buildings with podium parking, a separate pool and clubhouse/gym, two active courtyards and a dog park.
Sovereign Properties is eyeing property close by, on Cross Prairie Parkway, for a future apartment complex. The developer also would need to rezone from PD to High Density Residential to achieve the desired density and height allowance.
Park Square Commercial is building the 287-unit Aston Square luxury apartment community just west of NeoCity, and Dallas-based multifamily developer Lantower Residential just bought 16.4 acres at the gateway entrance to NeoCity with plans for 381 luxury units.
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.