The owners of 150-acre cattle ranch on Kissimmee’s Fish Lake have a buyer under contract for the first of two potential multifamily communities.
Kissimmee real estate agent Brett Baker represents the DiVirgilio family and is an investment partner on the property, which has Planned Development zoning. The land straddles both sides of Shady Lane, just south of Partin Settlement Road and north of D.R. Horton’s Kindred master-planned community. It’s right off the Florida’s Turnpike and two miles east of NeoCity.
Baker said the buyer is an established multifamily developer with multiple projects in Osceola and Orange counties. The developer submitted a conceptual plan to Osceola County showing two projects on the parcel designated for multifamily use, each with 312 units. Baker said the buyer is only under contract for Phase 1.
“We have about 30 acres approved for multifamily,” Baker said. “Right now we’re just working on half of it. The family still runs cattle out there – they’ve been there 30 years, and they’d like to stay another 10. But they didn’t want to let this latest boom go buy without selling some the land for development.”
The family has amended the original Fish Lake PD to account for the alignment of the Shady Lane extension between Partin Settlement and Neptune roads, and update the mix of uses to include apartments, townhomes and detached single family homes, as well as commercial uses. The PD was expanded last year to include an adjacent parcel on U.S. 192.
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The partners sold 2.4 acres last year to AdventHealth for its new 24-bed emergency center and health park" on E192, across from the Osceola County government annex. The hospital company broke ground in October and expects to open this year.
“We sold them a small piece. We felt it was good for the community, so we sold it to them fairly cheap,” Baker said. The partners hope to bring an assisted living facility next to the health park, Baker said.
The E192 corridor has been a draw for new multifamily development. Tampa-based DeBartolo Development is building a new 315-unit complex a half mile away at Amber Pointe. Just west of the Fish Lake site, the owners of Heritage Key Villas filed plans recently to convert their remaining townhouse entitlements to a 321-unit apartment complex.