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Legacy Residential buys Kissimmee multifamily site for $4.5M

Legacy Residential plans to build a 300-unit apartment complex on Orange Blossom Trail. Nearby, Fore Construction is wrapping up construction on 19 South apartments and The Latigo Group/Elevation Development have started building the first phase of Ball Park Village apartments.
Legacy Residential plans to build a 300-unit apartment complex on Orange Blossom Trail. Nearby, Fore Construction is wrapping up construction on 19 South apartments and The Latigo Group/Elevation Development have started building the first phase of Ball Park Village apartments. (Harris Civil Engineering)

Miami-based Legacy Residential Group paid $4.5 million cash last week for the first of two multifamily sites it has in the pipeline in Osceola County.

Not to be confused with Legacy Partners, which opened Legacy Universal apartments this month, Legacy Residential was formerly known as CFH Group and has operated exclusively in the South Florida market until now.

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The first project, dubbed Legacy OBT, is located in the heart of the desirable LOOP/Tupperware submarket of Kissimmee. The developer purchased the 20-acre site on Orange Blossom Trail at the intersection with Woodland Creek Trail. It was rezoned last year from Commercial Restricted to High-Density Residential to allow for multifamily development.

A conceptual plan provided to Osceola County’s Development Review Committee calls for 300 residential units divided evenly among five buildings each with 60 units, and a separate clubhouse with a pool. The development matrix includes 125 one-bedroom units, 135 two-bedroom units and 40 three-bedroom units.

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A large stormwater pond would extend along the eastern boundary of the project, providing a buffer between the apartments and the Woodland Creek neighborhood.

The plan for Legacy Westside calls for 240 apartments on about 20 acres. The development matrix includes a higher number of two-bedroom units than the Kissimmee site.
The plan for Legacy Westside calls for 240 apartments on about 20 acres. The development matrix includes a higher number of two-bedroom units than the Kissimmee site. (Harris Civil Engineering)

The property was previously under contract to O’Connor Capital Partners, master developer of the Tupperware SunRail station site. Harris Civil Engineering provided consulting services for both O’Connor and Legacy.

Nearby, O’Connor has entitlements for up to 1,700 multifamily units at the Tupperware site, and just south of that Fore Property Company is now leasing the brand-new 19 South Apartments on Osceola Boulevard. Epoch Residential has just applied for the third phase of its multifamily community in the Flora Ridge PUD, east of Dyer Boulevard and about a third of a mile south of Osceola Parkway.

Other multifamily projects in the works include Ball Park Village, which will have two sister communities with a combined 640 units.

A joint venture of Orlando’s Elevation Development and The Latigo Group out of Los Angeles secured a $45 million construction loan on May 26 for the first phase of their Ball Park Village project. The Kissimmee site is the former Osceola County Softball Complex just off John Young Parkway.

Westgate Resorts founder David Siegel bought the land back in 1974 for $168,000. Now with the right zoning, it could be worth millions.

Legacy Residential also has a site under contract on Westside Boulevard. The 20-acre tract just north of Goodman Road is part of a larger, 188.5-acre parcel owned by Central Florida Investments, the parent company of Westgate Resorts. CFI had the property rezoned earlier this year from Agricultural to Commercial Tourist.

The conceptual plan submitted by Harris Civil’s Abdul Alkadry allows for 240 residential units across four apartment buildings, with a separate clubhouse and pool. Each building would have 20 one-bedroom units, 35 two-bedroom units and five three-bedroom units.

The Westside corridor is one of Osceola County’s prime vacation home submarkets and has a growing residential component, but it has a limited number of apartments communities. This location abuts the Westside K-8 school.

Nearby, KB Home recently paid $10 million for the majority of homesites in Westside Hills, just north of the fast-growing ChampionsGate community. Mattamy Homes is also active in the Westside corridor, with plans to activate the final phases of its Solara resort community and Soleil residential community.

Just across the county line in Polk County, several multifamily communities are in the pipeline in and around the former Four Corners Town Center. These include Eastwind’s Indigo Apartments, Greystar’s Elan ChampionsGate and Ron Ginsburg’s Dunson Park apartments.

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.

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