Eastwind Development has filed conceptual plans with Polk County for a 300-unit apartment complex on U.S. 27 in Davenport, its first local venture outside of the Kissimmee Tupperware submarket.
The Palm Beach Gardens-based developer, along with partner Index Investment Group, has built and sold two apartment complexes on John Young Parkway near The LOOP shopping center. Eastwind is also currently developing a transit-oriented complex across from the new Tupperware SunRail station.
The Four Corners site is a 17-acre corner parcel at the intersection with Ronald Reagan Parkway. It abuts the 114-acre Four Corners Town Center parcel that was part of a heated debate last year over a request to allow development of the U.S. 27 corridor's warehouse distribution hub to spill over to the east side of the highway.
Polk Commissioners ultimately voted 3-2 against that land use change, opting to keep the town center zoned for a regional mall. The corner parcel was previously under contract to Intram Investments for a grocery-anchored retail center, but Intram terminated the contract last December out of fear that commissioners would approve the warehouse project.
The town center parcel is now under contract to a new buyer, according to Foundry Commercial, and it's surrounded by new active development. An affiliate of New York hotelier Harry Gross goes to the Polk Development Review Committee this week seeking site plan approval for a new 150-room hotel and fuel station across the intersection from the Eastwind site.
And Miami-based Spider Group Corp. is planning a 275-unit apartment complex on Dunson Road, just east of the town center site.
Eastwind pulled permits for the Tupperware site, beating Osceola County's July 31 deadline to avoid a doubling of school impact fees for new apartments. Those $11,362-per unit school impact fees, combined with a doubling of the county's mobility fees, have forced several Osceola multifamily developers to look at sites in neighboring counties.
This week, Pinnacle Housing Group walked away from a contract on 39 acres on the ChampionsGate Country Club golf course. The developer was planning a 400-unit luxury apartment complex, but Vice President Timothy Wheat told GrowthSpotter the company couldn't make the numbers work.
"These fee increases are effectively creating, in our view, a de-facto moratorium on new multifamily development," Wheat said. Consequently, Pinnacle is now shopping for multifamily sites in Polk County.