The two developers are eyeing a 60-acre tract at the southwest quadrant of the Sinclair Road - Western Beltway (S.R. 429) interchange with plans to bring over 550 homes and apartments to the fast-growing corridor. They have filed a pre-application meeting request with Osceola County and have enlisted Jim McNeil, head of the residential development practice for Ackerman, to assist with the rezoning and entitlements.
Niles Bolton Associates, the same planning firm behind Disney’s massive student intern housing complex at Flamingo Crossings, created a conceptual plan that sets aside roughly 20 acres for the multifamily portion of the project. The development plan includes a mix of 3-story stacked garden apartments, 2- and 3-story townhomes and 2-story carriage units. The community would have its own swimming pool and a 6,000-square-foot amenity center/leasing office.
KB would develop the remaining 40 acres as a primary residential community with a mix of rear-loaded, fee-simple townhomes and detached, single family homes on 45- and 50-foot lots. The neighborhood would have its own 8,000-square-foot amenity center and pool, which would ancho a 2.5-acre green space in the heart of the community.
The property has a Commercial Tourist future land use, but it’s currently zoned Agriculture/Conservation. The site overlooks Reunion’s Nicklaus golf course, and it abuts Haven at Reunion, a 300-unit luxury apartment complex completed earlier this year by DeBartolo Development.
The parcel is part of 126 acres that Avanti Property Group bought for $8 million in May 2015. The Avanti acquisition covered all four quadrants of the Sinclair Road-S.R. 429 interchange.
Earlier this year, the Winter Park firm sold land in the southeast quadrant to an affiliate of Encore Capital Management of Boca Raton for $3.2 million. Encore broke ground this summer on a 288-unit apartment complex called Sentosa Sinclair. The community is designed as a market-rate product with attainable rents. The buildings will be three stories with open breezeways.
Miami-based Pinnacle Communities is also under contract for 25.5 acres northeast of the interchange, with plans to build up to 400 apartments. Avanti and Pinnacle applied to rezone that parcel in August.
“That area is exploding with what Art Falcone and his group are doing across from us, and the hospital, and now this,” Pinnacle VP Timothy Wheat told GrowthSpotter. “That’s why we love the location.”
Avanti also sold a 19-acre parcel in the northeast quadrant in 2018 to Celebration-based illuminate church for $3.2 million.
The property is just a half mile west of the Old Lake Wilson Road property that is under contract to EastGroup Properties for a proposed 1.5 million-square-foot business distribution park.
Oxford, which has a satillite office in Tampa, was the general contractor for The Princeton at College Park apartments, which was developed by Pollack Shores Residential Group.
KB is already active in the Four Corners area with sales underway at Magnolia at Westside, Tivoli Reserve and Sawgrass Bay. The company’s Preservation Pointe community in Davenport recently opened and offers single-family homes ranging from 1,350 to 2,800 square feet with up to five bedrooms and three baths. Prices start in the low-$200,000s.
The Los Angeles-based production builder has acquired 1,000 lots recently in popular Central Florida submarkets, including St. Cloud, Kissimmee and Davenport. The company sees potential for long-term growth due to the region’s “dynamic economy,” said Orlando division president Fred Wyborski.