Orlando-based Green Slate Land & Development is sorting through offers for a 30 acres being prepped for a mixed-use project with the first apartment complex on St. Cloud’s Narcoossee corridor.
“We have several offers on the table, and we’re encouraging others to submit offers to us,” GSL President and CEO Isaiah “Ike” Cottle told GrowthSpotter. “We expect to choose our partners in the next 30-60 days.”
Cottle met Thursday with St. Cloud’s Development Review Committee to discuss the proposed PUD at 1651 S. Narcoossee Rd. that would entitle the site for 320 apartments, 104 townhomes and 25,000 square feet of neighborhood commercial uses on two outparcels fronting on Narcoossee at the main entrance.
“I’m bullish on Narcoossee Road. The residential growth on the corridor has been staggering,” Cottle said. “We also feel very strong about this corridor’s commercial growth, as well.”
GSL marketed the site, which is about a half mile north of U.S. 192, as a build-to-suit project. GSL would act as master developer and would deliver the townhome lots fully engineered and permitted. The townhouse developer would be expected to deliver the retail pads with stub-outs, and GSL would market those last.
The multifamily lot would be sold separately. The conceptual plan developed by S&ME calls for a mix of eight 4-story garden-style buildings with a row of 2-story carriage style units along Narcoossee.
“I’m intimately familiar with this corridor,” Cottle said, noting that he grew up Brevard County and used take Narcoossee — back when it was a two-lane road — to get to Orlando.
He also has extensive experience bringing high-end multifamily housing to the area. Before starting GSL in 2018, Cottle worked for The Bainbridge Companies, which developed and sold Nona Place apartments and is building two more communities just north of it on Lake Whippoorwill. He believes the St. Cloud site will attract a product of the same quality.
“We expect these to be market rate, luxury apartments, and we expect to partner with a top 25 national developer,” he said. “It’s a straight shot up to Lake Nona. And we like being so close to 192, because you have Publix and Winn Dixie right there, and you’re 30 minutes from the beach.”
The Narcoossee Overlay District, which applies to unincorporated properties on the corridor, only permits multifamily development if the buildings include office or commercial use on the ground floor. Some St. Cloud City Council members have also voiced opposition to apartment development on Narcoossee and in Center Lake Ranch.
Cottle said his team has already met with HOAs from neighboring Turtle Creek communities and has met with Mayor Nathan Blackwell and members of the council and incorporated their comments into the plan.
GSL is applying to change the future land use of the property from Low Density Residential to Commercial. The current zoning is Agricultural, but GSL will be seeking Commercial Planned Unit Development, which allows residential uses. The county’s planning staff also added conditions to the proposed PUD requiring the applicant to submit detailed color elevations, materials lists and price ranges for all buildings.
“This is something that the City Council has been asking repeatedly of every project that comes through, because they want to see more detail before they begin to approve projects,” Planning Director Andre Anderson said. “We typically require elevations at the subdivision or construction plan stage, but they want to see them earlier to get a sense of the bulk and what it’s going to look like. We’ve had many apartment partners come through and show us the clubhouse and the pool and renderings and so on, and that’s the level of detail that the board expects.”
The sellers are Randy and Donna Larson. Randy Larson was behind the proposed 315-home Pine Grove Reserve subdivision, which was previously under contract to D.R. Horton. The Narcoossee property is his personal homestead where his family currently has three homes with two pools and a tennis court. It has a taxable value of $1.6 million.