Orlando developer eyes mixed-use on 35 acres south of Reunion Resort

Orlando-based K4 Investments is eyeing a 34.6-acre assemblage on C.R. 532 in Osceola County for mixed-use development just southeast of Reunion Resort, which could introduce some much needed office space to the Four Corners market.

K4 President Tony Kostantinidis currently owns a 12.5-acre parcel on C.R. 532, also known as Osceola-Polk Line Road, and has contracts on properties to the east and west. The road is one of two routes currently under consideration for the future Poinciana Parkway-I-4 Connector. 

"I really like the location," he told GrowthSpotter on Wednesday. "We feel they're going to build the (toll) road. Even if they don't, it's going to be widened to four lanes."  

He's looking to expand an existing Planned Development (PD) to incorporate a mix of uses, including self-storage, retail, office and either townhomes or assisted living. 

"There's no office in that area," Kostantinidis added.  "I believe there are enough homes around there, with Reunion and Providence, to support some office. We've got a two-story building, and it could be retail on the first floor with office on the second."

Keesee Associates' site plan includes a three-story, 97,000-square-foot self storage facility with a 1.35-acre outparcel that could accommodate a fuel station. The plan also has two retail strip centers totaling 23,400 square feet, the office/commercial building and two more outparcels. 

Kostantinidis is considering two options -- townhomes or an assisted living facility -- for the parcel on the west side. Bryan Potts with Tannath Design is the project engineer.

He met Wednesday with Osceola County planners to discuss the site plan, wetlands issues and how to move the project forward in light of the six-month moratorium on rezonings, which commissioners are expected to approve on Nov. 6.

Senior Zoning Specialist Amy Templeton said if commissioners adopt the ordinance that was released this week, K4's best option would be to amend the existing PD to include specific uses outlined in the plan. The developer may even be able to expand the PD to include the adjacent parcels, as long as the entire project meets density requirements. That would exempt it from the moratorium.

Planning Director Kerry Godwin advised the team to consider implementing green building techniques to improve the project's eligibility for the PD expansion.

Osceola County saw more than $882 million in new construction last year, led by Reunion's $91.5 million. Nearly 40 percent of all new construction took place in the Four Corners submarket.

D.R. Horton bought the 89-lot Tanglewood Preserve subdivision in May, which is immediately south of the K4 project, and is actively selling homes there. 

The site is just east of Lake Wilson Preserve, a 92-acre mixed-use project in Polk County that's fully permitted by FHC Development and approved for 116,228 square feet of commercial and 347 townhomes and apartments.

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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