Following through with a strategic phaseout of its vacation home business, Park Square Homes is looking to split off the undeveloped phases in its Veranda Palms resort in Osceola County, and launch them as a primary residential neighborhood.
Park Square won approval in 2013 for the Short Term Rental Planned Development (STRPD) and has nearly finished Phase 1. The original PD comprised 112 acres, including 10.5 acres in the city of Kissimmee.
Last year, PSH President Steve Parker told GrowthSpotter the company would shift its homebuilding operation away from the vacation home market to focus almost exclusively on primary residential homes.
"Park Square isn't too happy with the way sales are proceeding," Jacobson said. "They want to investigate if it would make sense to break apart the PD, or modify the PD and develop the rest as (low density residential). We realize we can construct primary in the PD, but the real intent is to separate the two projects."
The approved site plan divided Veranda Palms into two phases, with entitlements for 323 single family homes and a third phase with 74 vacation rental townhomes. The townhomes were to be built on the parcel in the city limits.
Askey said the developer may petition to annex the entire project into the city. That's because the permanent residents would be accessing recreational amenities that were built for the vacation home resort. He said the clubhouse and pool are nearly finished now, but that city planners "weren't too keen" on the idea of their residents sharing amenities.
Lennar used a similar concept plan in Storey Lake Resort, where Storey Lake Boulevard acts as the dividing line between the vacation home product and primary residential, and they all share amenities.
At Veranda Palms, the new phases would have public streets while the existing resort area is gated, Jacobson said. Both communities would be accessed from a traffic circle, but the new community would have a second access directly off Old Vineland Road.
The site borders a 40-acre parcel in the city that is currently in for rezoning for a luxury retirement resort community. Talisman Partners bought that parcel, just west of Shingle Creek Regional Park, in December and applied last month for a land use change and entitlements for up to 800 age-restricted multifamily units and an assisted living community.