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Intram Investments spends $22 million for 238 acres in Kissimmee

Orlando-based developer Intram Investments is in early-stage planning for a mixed-use project of 238 acres in Kissimmee it acquired for $22 million, a lead executive for the company told GrowthSpotter.

The property, at one time slated for the future Osceola County Convention Center, is located on the northeast corner of the intersection at W. Osceola Parkway and SR 535. Intram bought it on June 1.

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The project will boast large retail, multi-family and potential tourism-related entertainment components. Retail will come first and then they will determine the residential aspects, said Randy Hodge, executive vice president at Intram.

"It's likely to be multiple apartment projects, which could be traditional apartments or short-term rental, because this property is in an overlay district that permits short-term rental and that is a high-demand use in Osceola right now," he said.

The property was acquired as seven parcels from WCP Shingle Creek Bond Holdings, a Florida affiliate of Westport Capital Partners out of Wilton, Conn.

Intram financed the $22 million purchase via private equity and a loan from Iberia Bank. The lender was chosen based on Intram's 25-year relationship with Old Florida National Bank, which Iberia acquired in October 2014, Hodge said.

While the property's total acreage is 238, an easement on the north boundary and wetlands across the site could result in about 180 acres of usable land for development, depending on how much of the wetlands are filled, Hodge noted.

Intram is now finishing plans to rough-grade the property and fill some of the wetlands on site, a process that started with the previous owner when it was previously slated for development.

Intram projects 120 days to acquire permits to begin that work, then another 90 days to complete the work, he said. The developer is not in a hurry to finalize building plans for the site because of the extensive groundwork, Hodge said.

Kissimmee-based Hanson Walter & Associates is civil engineer on the project, while Austin Environmental Consultants is handling environmental work, and RJ Whidden & Associates is conducting land planning for Intram.

"Once all of that is completed and permits are available, we'll then need a site contractor," Hodge said. "They'll do the earth-moving and ground utility installation. We'll be looking to engage someone for that."

Intram Investments was founded in 1991 by Rashid Kathib, who cut his teeth in development early on with small retail projects.

The company has since developed such notable projects as Plaza Venezia shopping center on Sand Lake Road in Dr. Phillips, home to Seasons 52 and Southeast Orlando's "Restaurant Row." The firm also developed the high-end neighborhood Phillips Landing, also in Dr. Phillips.

bmoser@growthspotter.com or (407) 420-5685

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