Tupperware expects flurry of sales around Kissimmee campus in coming months

Tupperware's Deerfield Land Development has sold its fourth multifamily site to Fore Property Company and expects a flurry of other land closings before the end of the year, a lead executive said.

Fore paid $2.6 million for the 7-acre site at the intersection of Ball Park Road and Batts Street, next to the Vernazza apartments the company built this year. Fore will construct a 216-unit complex called Monterosso, as reported by GrowthSpotter in February. They are expected to be open for occupancy in 2019.

Tupperware Vice President Tom Roehlk told GrowthSpotter he has several more properties in the Osceola Corporate Center DRI under contract and expected to close within the next few months. 

Eastwind Development and Aztec Group are expected to close in mid-October for Phase 2 of San Mateo Crossings, a transit-oriented apartment community across from the Tupperware SunRail Station and north of Orlando Health. That 4-acre site is approved for 112 units, bringing to total unit count at San Mateo to 350.

CFE Credit Union also has a contract to buy a 1.7-acre outparcel at the Crosslands shopping center, according to broker Lou Forges of RF Realty. The credit union would front on Orange Blossom Trail, south of the Culver's restaurant.

Roehlk said another buyer has another outparcel between the credit union and Culver's under contract and has plans to build two restaurants there. Both of those transactions should close by December, he said. 

New Jersey-based Pinnacle Hospitality Group has yet to start construction on a new Hampton Inn located on another Crosslands outparcel the company bought in late 2017. 

Tupperware is still marketing several key pieces of property near the SunRail station, including a 20-acre multifamily site south of Osceola Parkway the company cleared over the summer.

Roehlk said the company is looking for a joint venture partner to co-develop the 29-site immediately adjacent to the station. That lot has the entitlements for high-intensity, mixed-use transit oriented development. 

"We've contacted several potential users who are experienced in developing large mixed-use projects," he said. "There's a healthy amount of interest, but it will help to have San Mateo come out of the ground."

Tupperware used a similar JV arrangement with O'Connor Capital Partners to co-develop Crosslands and Cinque Terre shopping centers, which the partners sold in 2016 for $121 million. 

EDITOR'S NOTE: An earlier version of this article used an incorrect rendering of San Mateo Crossings.

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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