A Washington, D.C.-based developer of multi-family properties bought 11 acres in north Kissimmee for $4.3 million on Thursday. Fore Property Co. plans LEED-certified luxury apartments for the site and is now seeking subcontractors, one of the company's partners told GrowthSpotter.
Located on Centerview Boulevard, between N. John Young Parkway and W. Osceola Parkway, the 11.3-acre parcel was purchased by a Florida affiliate of Fore Property Co., a firm that develops, builds and manages apartment developments, with about 40 properties in 15 states nationwide.
Tupperware affiliate Deerfield Land Corp., sold the property. It borders Rapallo Apartments to the west, which Fore Property also built, owns and manages. It lies directly south of The Crossroads shopping complex built in 2014, which features retailers such as Best Buy and Lowe's, along with restaurants like Olive Garden, Five Guys and more.
"There has been significant growth in that area, particularly with the 400,000-some square feet of retail development just north of it," said Jim Sullivan, partner at Fore Property. "The Lugano name is inspired by Italy. This property's design will follow Italian themes and will be a very high-end product for this area, filling an unmet need for this part of Kissimmee."
The company plans to develop, build and manage Lugano Apartments for the site, a 288-unit class A long-term rental property that is LEED Silver-certified, with upscale interior features such as granite counter tops, wood floors and stainless steel appliances.
Fore expects to acquire building permits in the coming weeks and should start site work on the property in late June or early July, said Sullivan. He declined to say the amount of the project construction budget.
General contractor on the project is the company's builder subsidiary, Fore Construction, with bidding now under way for all standard subcontractor trades typically involved in apartment construction. Sullivan expects Fore to begin delivering finished units by May 2016.