Dubai-based owners of a 21-acre parcel on the southern edge of International Drive have hired local firms to pursue rezoning for up to 621 apartment units, with the goal of later selling the fully entitled land or developing the project themselves.
Located directly east of the intersection of I-Drive and World Center Drive, southeast of Lake Bryan, the parcel is owned by Global Acquisitions, a Kissimmee-based LLC that bought the land in January 2015 for $375,000.
Principals behind that LLC are Baker A. Mohammad and Ali Saif M. Mansouri, who hold ownership stakes in Global Drilling Equipment, Inc., a firm based near Orlando's airport that provides drilling equipment and engineering services to the oil industry.
Mohammad and Mansouri did not respond to requests for comment on Friday.
The group has hired local developer The Gainsborough Group to see if the property can be rezoned and entitled for multi-family, company president Charles H. Edwards confirmed for GrowthSpotter.
"We don't know what our chances are yet, we just started working on it," he said Friday.
The 20.72-acre parcel would includes 9.42 acres of wetland. Currently zoned A-2 Agriculture, the owners are proposing a rezoning to Planned Development - Multi-Family Residential.
If entitlement is successful, the group could sell the property to a multi-family developer, or work with a local real estate brokerage to line up construction financing for their own development.
KCG Engineering has been hired to see the application through Orange County approval.