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Osceola County Developments

Nearly 1,000 more apartments in the Kissimmee pipeline

Two development projects in the City of Kissimmee could add nearly 1,000 more apartment homes and more commercial construction in the near future as both projects have advanced through the city’s Development Review Committee.

An affiliate of New York-based AMAC Development has filed a site plan to build a 420-unit apartment community on 26.5 acres at the intersection of W Carroll Street and W Donagan Avenue, next to Kissimmee Elementary.

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Led by Ivan and Maurice Kaufman, the company has been active in South Florida and in other Sunbelt states, but this is the first project in greater Orlando. The Kissimmee project would include a mix of three- and four-story apartment buildings on land currently owned by members of the Bronson family. It’s right across the street from Sonoma Resort in Tapestry, where Park Square Commercial just received approvals to build up to 322 multifamily units.

Ivan Kaufman is the founder and CEO of Arbor Realty Trust, a commercial lender that has financed multiple multifamily deals in the market, including the recent $142 million sale of The Julian apartments in Creative Village.

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The second project is located about 1.5 miles away. The longtime owner and developer of the Fountainhead mixed-use district on John Young Parkway is working with city planners to reactivate that project that was first approved as a DRI in 1992.

Kissimmee Investors, a Winter Park firm led by Anup Vasisht, acquired the 128-acre more than 30 years ago. The original Fountainhead DRI was entitled for 1,144 multifamily units, 230,000 square feet of retail space and 120,000 square feet of office space.

Vasisht completed 568 residential units in the early 1990s — first the 184-unit Bella Vista Lake condos and then the 384-unit Lake Tivoli apartments. Phase 1 also includes one 8,400-square-foot multi-tenant office building at the corner of Central and Columbia avenues. The DRI was rescinded in 2015 and the zoning was converted to a mixed-use Planned Unit Development with a build-out date of 2020.

S&ME’s Eric Raasch is representing Vasisht in seeking a PUD Amendment, which would split the project into two phases: Phase 1 would comprise all of the completed improvements, and Phase 2 incorporates the remaining undeveloped land with entitlements for 576 multi-family residential units; 230,000 square feet of retail; and 111,600 square feet of office uses. The request states that all of the new development would take place on 53.6 acres.

“We are at this present time trying to have the build-out date extended,” he said. “And with that we are coming up with some development of our own there, which will include some multifamily housing. We’re also looking at if someone is interested in buying part of it. The total land, net developable, is about 56 acres. So we’re not going to do the whole thing by ourselves.”

Vasisht said he’s not currently working with a broker because he has received multiple unsolicited offers for the property, which is just two blocks north of Vine Street, close to two major hospitals and next to Highlands Elementary School.

The project cleared Kissimmee’s Development Review Committee on Tuesday, though Planning Manager Brenda Ryan noted that the PUD language and conversion matrix from the 2015 PUD would need to be updated. The developers also may be required to reserve right-of-way for a future double-traffic circle at the intersection of Park Place Boulevard and Central Avenue.

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 FacebookTwitter and LinkedIn.


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