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Tampa-based Ocean Bleu Group is under contract to buy 85 acres on Kissimmee's Osceola Parkway, just south of the Loop West shopping center. The parcels outlined in blue and red are both slated for multifamily development.
Tampa-based Ocean Bleu Group is under contract to buy 85 acres on Kissimmee's Osceola Parkway, just south of the Loop West shopping center. The parcels outlined in blue and red are both slated for multifamily development. (Osceola Property Appraiser/staff edit)

A developer who has completed several large-scale mixed-use projects in downtown Tampa’s Channel District has a contract to buy 85 acres in Kissimmee in the LOOP submarket.

An attorney representing Ocean Bleu Group met with the city’s Development Review Committee on Tuesday and has a follow up meeting with the planning staff later this week. Ocean Bleu has applied for a major amendment to the Flora Ridge Mixed-Use Planned Unit Development (MU-PUD) for the remainder of the property, which includes the two parcels bounded by Osceola Parkway, Thacker Avenue, Ball Park Road and Dyer Boulevard.

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The site is directly across from the LOOP West shopping center, and Ocean Bleu is calling it “Loop South.”

The project consists of three tracts. The parcel fronting on Osceola Parkway is approved for commercial uses, while the 20.4-acre parcel that borders Ball Park Road on the south was intended for an office park. A separate 4.75-acre tract is designated for stormwater retention.

James Pratt with Burr & Forman confirmed to GrowthSpotter that Ocean Bleu President Bryan Schultz plans to include multifamily uses within the town center project. The seller, Kelly Properties, jointly applied for the PUD amendment to clean up the language of the existing development order and trade off unused single-family residential entitlements for multifamily use.

Ocean Bleu Group is seeking a PUD amendment to build apartments on the portion of Flora Ridge that was approved for an office park.
Ocean Bleu Group is seeking a PUD amendment to build apartments on the portion of Flora Ridge that was approved for an office park. (AVID Group)

Flora Ridge was approved for 2,341 single family homes, but all of the parcels designated for single family homes are fully developed at a lower density, leaving the owners with a surplus capacity 767 units. Pratt indicated the developer would seek to convert 400 of those excess entitlements for multifamily residential uses on what was designated as the office park parcel.

The property was previously under contract twice to Miami-based Courtelis Company, which targeted it for two different shopping center concepts, before Schultz entered the picture.

The PUD amendment also would allow Kelly Properties to market another parcel with frontage on Osceola Parkway for high-density residential uses.

Flora Ridge is one of Kissimmee’s most desirable apartment submarkets because of the plethora of shopping nearby and easy access to major highways. Fore Property Company has already developed four communities on lands formerly owned by Tupperware.

Epoch Residential purchased the 74 acres immediately south of the project last year and is currently building the first two phases of a three-phased project entitled for 788 multifamily units. Phase 1 is a 296-unit Class A apartment community with a combination of 4-story elevator-served buildings and 3-story walk-up garden apartments. Phase 2 will be a separate 152-unit active adult community. The third phase is approved for either an assisted living facility or a 232-unit apartment complex.

Orlando-based Elevation Development is under contract to buy the former Osceola County Softball Complex on John Young Parkway and plans to build apartments there, as well.

Ocean Bleu has developed mixed-use projects in downtown Tampa, including Grand Central at Kennedy and Victory Lofts, both in the Channel District near the Port of Tampa’s cruise ship terminal.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407)420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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