Dallas-based Dart Interests, formerly Third Palm Capital, just submitted development plans that involve the future make up of its massive Grand Cypress Resort property near Disney’s Golden Oak neighborhood.
According to a recent Development Plan filed in Orange County, the firm is looking to construct 89 resort-style villas on about 55 acres of land north of the Winter Garden Vineland Road and Vista Boulevard intersection.
In an email response, David Pace, president of Dart Interests Florida, said the firm will be developing the villas as single-family vacation home rentals.
The project is one of several slated to rise within the approximately $350 million Grand Cypress Resort redevelopment plan led by Dart Interests.
At full build-out, Grand Cypress is entitled to have up to 100,000 square feet of retail/entertainment space and more than 900 hotel rooms and 1,500 residences.
On its website, the firm advertises the redevelopment plan to feature a new hotel, aquatic facility and both multi-family and single-family properties.
In a previous interview with GrowthSpotter, Pace said the firm can act as developer or co-investor in redevelopment plans.
“We have built apartments and condos in various markets and we do own and operate hotels,” Pace said. “So depending on who that potential partner is, we could sell outright or do a JV.”
In total, the Grand Cypress Resort property consists of nearly 1,600 acres. The property is generally located east of Walt Disney World Resort and directly west of SeaWorld Orlando.
In 2012, the Dallas-based company acquired a majority of the property, which consists of the now-closed 146-room Villas of Grand Cypress Resort and its 45-hole Jack Nicklaus signature golf course.
In September, the resort announced it will begin suspending sales of all future reservations. Two months later, Dart Interests began groundwork construction for its redevelopment plan, according to its website.
In its announcement, the resort said the closing was “great news for future guests” and that “the [redevelopment] project will take more than two years to complete.” It had been open for 32 years.
According to submitted development plans, the smallest villa will consist of five bedrooms, while the largest will fit up to 11 bedrooms. The homes are being planned as part of a project called Core Village. Features include ample green space, pond views and a gatehouse at its entrance.
Dart Interests is a national real estate investment and development firm with over $1 billion in assets in markets including New York, California, Florida, South Carolina and Texas.