Kissimmee saw a flurry of land closings in the last two weeks that totaled over $10 million and will bring a new industrial park, credit union and Class-A apartment complex to the city.
Saxon Partners, a Boston-area developer paid $3.1 million for two parcels totaling 11 acres across the street from Orlando Regional Medical Center. Gary Warfel is leading the firm’s new multifamily division, which currently has new projects in development in five states.
“This is a new portfolio we have,” Warfel told GrowthSpotter. “It’s a national portfolio we have that’s all geared toward medical centers. It’s designed to work with medical centers to improve the productivity of their staff and to offer an amenity set that’s consistent with what healthcare workers are looking for and what they need.”
The Charlan Brock-designed community will have a pool, dog spa, walking trail and fitness center. Warfel said the amenity package focuses on a wellness and lifestyle, so fitness classes will be offered on site and the traditional clubhouse space will feature a large test kitchen for cooking classes.
“The majority of healthcare workers are Millennials, so we thought let’s create an environment where these young people can thrive,” he said.
Saxon Rose will consist of 357 studio and 1-bedroom apartments across two buildings. The 4-story buildings will be elevator-served with structured parking below and an amenity deck over the parking structure. The site plan by VHB reserves the land fronting on Oak Street for a medical office building to be constructed at a later date.
“We’re integrating the pedestrian connectivity with the medical center and downtown Kissimmee,” Warfel said. “Walkability is a big aspect of what we’re promoting.”
Saxon Partners already has preliminary site plan approvals from the city and hopes to break ground in the first quarter of 2021 with delivery of the first units in spring 2022. The total project budget is estimated at $50 million.
Two major land transactions also closed in the Flora Ridge Mixed-Use Planned Unit Development. David Calcanis, managing director of land for Colliers International in Orlando, represented the seller, Kelley Properties.
McCoy Federal Credit Union paid $1.2 million on July 17 for the 2-acre parcel at the southwest corner of Dyer Boulevard and Ball Park Road. “They only needed one acre, but they decided to buy the two acres and to bring in a complementary type of business, like a mortgage lender,” Calcanis said.
On July 30, Kelley closed a $5.5 million sale on a parcel fronting on John Young Parkway south of Ball Park Road. Chicago-based First Industrial Realty Trust already has site plan approvals to build a 333,345-square-foot industrial park on the site.
First Industrial plans to build four dock-high warehouse buildings, each 43 feet high, ranging in size from 71,050 square feet to 105,563 square feet. The developer also will extend Flora Boulevard through the property to John Young Boulevard.
Calcanis said the seller retained two commercial parcels totaling 5 acres on Thacker Avenue at the new Flora Boulevard intersection. “The seller is also contributing to build road,” he said. “Once this is done, all the roads in that PUD will be totally built out. That huge.”
Ealier this year, Kelley sold 85-acres in Flora Ridge across from The LOOP West to Tampa-based Ocean Bleu Group for a new shopping center and multifamily community.