The developer of a fully entitled, 88-unit condominium project set for 7.7 acres near Kissimmee's Judge Farms property is now selling the land and plans for $1.5 million, as a way to help Brazilian investors in the project manage their country's prolonged recession.
Located on the northwest corner of Fortune Road and Lakeside Drive, the property's proposed condos would be situated just minutes from the Florida Advanced Manufacturing Research Center now under construction at the future Judge Farms research park on U.S. 192.
Seven investment partners from Brazil paid $650,000 in November 2014 to acquire the parcel, according to county records. They formed Brazpartners LLC with part-time developer and real estate broker Miguel Kaled, who is now attempting to sell the land on behalf of its owners.
"We were about to start infrastructure work, but the economic crisis in Brazil didn't allow the group to proceed, so they've decided to put it up for sale for $1.5 million," said Kaled, who unrelated to this project is a consultant vice president in Orlando for architecture and design firm VOA.
"It went on sale with marketing in early January, we've had three offers so far below our asking price from local developers, and there are three more groups looking at the property," he continued. "We have the ability to build every single unit if an investor comes to the table."
Kaled saw potential in the property for affordable condos that could serve a growing demographic of young medical professionals in Lake Nona. The size of the parcel and traditional layout of town house developments would have limited the project to 56 units, but Kaled was able to work with Kissimmee city planning staff to increase that density to 88 units.
"We were able to move the unit facades up closer to the main road, eliminating the need for a new internal road parallel to the outside road," he said. "So we saved space on what would have been an internal road and placed garages on the rear of the units, allowing us to increase the number of homes."
The Kissimmee City Council approved the PD zoning last July, and the city's planning staff is currently reviewing construction plans.
In the project's site plan, each two-story, three-bedroom town house would have about 1,320 square feet, along with a 450-square-foot garage for two vehicles.
Site work has not started on the property, though Kaled said its elevation is ready to build on.