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Wisconsin-based Continental Properties broke ground Tuesday on its latest Springs apartment community, in the Tapestry master-planned community.
Wisconsin-based Continental Properties broke ground Tuesday on its latest Springs apartment community, in the Tapestry master-planned community. (Continental Properties)

Wisconsin-based Continental Properties paid $4.15 million last week for a 22-acre site in Kissimmee's Tapestry master-planned community.

The developer broke ground Tuesday on a 288-unit luxury apartment complex called Springs at Tapestry, scheduled to open in Fall 2017.

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Marketing Manager Jean Jones told GrowthSpotter the company picked Kissimmee as its entry into the Central Florida market because of its strong economy - particularly the 4.5-percent annual job growth.

"We also look at apartment fundamentals, including occupancy rates and rent growth," she said. "Both have been very favorable. Third, the metro area population is projected to continue to grow for the next five years."

The site's proximity to shopping and other amenities in the highly sought-after LOOP area was another factor.

The gated complex on Dyer Boulevard will have 13 buildings with attached and detached garages built around a large pond. Each unit will have a "townhouse-style" private entry and wood-grain flooring in the common areas. Upgraded units will come equipped with stainless-steel appliances.

This building elevation shows a typical apartment building with private townhouse-style entries and attached garages. Other units will have detached garages.
This building elevation shows a typical apartment building with private townhouse-style entries and attached garages. Other units will have detached garages. (City of Kissimmee)

It will have 144 two-bedroom units and 144 studio or one-bedroom units. The plan also calls for a clubhouse with a free coffee-bar, 24-hour fitness center, pool, leash-free dog parks and a pet spa.

Kahler Slater is the project architect; Madden Moorehead & Stokes is civil engineer. General Contractor McShane Construction has completed 11 Springs apartment communities for Continental.

Wisconsin developer plans luxury apartments in Kissimmee's Tapestry

Learn more about this group entering the Orlando market for the first time, where their plans stand in the approval pipeline, and what comes next.

Based just outside of Milwaukee, Wisconsin, Continental has developed 49 apartment communities, including five on Florida's Gulf Coast. The company launched its Springs Apartments brand in Bradenton and is growing rapidly.

Jones said the company is halfway into an aggressive five-year growth plan launched in 2014. Over the last two years, Continental broke ground on 19 communities with 5,392 homes, making it the country's 11th largest apartment developer over that time period.

Since August, Continental has closed on multifamily sites in Colorado, Texas, Georgia and Louisiana in addition to the Kissimmee site. Jones said the company is eyeing multiple locations in Florida.

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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