Sternon Group is prepping a site on Kissimmee’s W192 corridor for the first phase of a luxury multifamily development called Fortune Star.
The developer, which has offices in Orlando, Dubai, India and Kenya, has filed a Site Development Plan with Osceola County for the first of three towers. Sternon paid $1.1 million in February for the 12.6 acre lakefront site and rezoned it this year to the flexible Commercial Tourist category, which allows up to 40 residential units per acre.
Hussain Nalwalla, managing director of Sternon Group, told GrowthSpotter they picked the location specifically because of its proximity to Disney World and the view overlooking Lake Wilson. “I can say the site is really pleasing and brilliant,” he said via email.
While the total buildout could exceed 500 units, the first phase will consist of an 8-story residential tower that includes 2½ stories of structured parking. “This will also have a large swimming pool, club house, gym, sauna steam, changing room, etc. with beautiful landscaping,” he added.
The building will have a mix one-, two- and three-bedroom units in sizes ranging from 900-1,500 square feet. The apartments will be available for both long-term and short-term rentals.
The second and third phases will be “high-rise” buildings, and Sternon will finalize the final concepts and elevations after construction starts on the first tower, Nalwalla said.
Sternon, which has completed large-scale residential developments in India and the UAE, launched its fundraising effort for Fortune Star in late 2018 targeting EB-5 investors. Nalwalla said the project is located in a Targeted Employment Area and is approved for 50 EB-5 investors, or $25 million.
“We are set to hit our target prior to the amendment in law (Nov. 21),” he said.
Sternon expects to pull building permits by August 2020 and wrap construction on the first tower by the end of 2022.