Atlanta-based multifamily real estate company Davis Development just paid about $10 million for nearly 27 acres of land along the future Westwood Boulevard extension in Orlando’s tourism corridor, signaling what may be the first of many new projects to come in the area.
According to a deed recently recorded in Orange County, an affiliate of the company paid $9.8 million for the property, which is located on the southeast corner of Wildwood Avenue and the future Westwood Boulevard extension that will connect Wildwood Avenue to International Drive.
Records show Davis Development paid an additional $1.01 million for more than $2 million dollars’ worth in transportation impact fee credits owned by the seller, an entity tied to Marriott Vacations Worldwide Corporation.
The previous ownership group intended to utilize the 27 acres for the third phase of a planned 90-acre timeshare community that currently includes the neighboring Sheraton Vistana Villages Resort Villas, but a series of mergers involving the vacation company ultimately gave Marriott Vacations control of the third phase and development plans fell through.
The entire PD allows for up to 250,000 square feet of commercial space, 100 hotel rooms, 450,000 square feet of office space, 1,800 timeshare units and 400 multifamily units. A Preliminary Review Item application submitted in Orange County in February indicates the developer is seeking to convert timeshare entitlements to construct up to 600 multifamily units.
The item is still under review. Stantec Consulting Services is the civil engineer. Representatives at Davis Development were not immediately available to comment.
Orange County spokeswoman Despina McLaughlin told GrowthSpotter the Westwood Boulevard extension road project is not currently part of Public Work’s next five-year Capital Improvement Program, but it could be as its construction is dependent on a cooperating effort between developers and Orange County.
The roadway will connect to the current International Drive and Westwood Boulevard intersection (just south of the Adelaide Apartments) to Wildwood Avenue, which quickly changes into the Daryl Carter Parkway.
As previously reported by GrowthSpotter, the Westwood Boulevard extension is expected to activate more than 200 acres of new development.
Adjacent to the site Davis Development just bought, Charlotte-based developer Crosland Southeast is under contract to purchase 14.5 acres of vacant land with plans to build a 350-unit multifamily community along Vistana Palm Beach Drive. The Rita Westwood project is named after its current owner Rita J. Friedman, who bought the property in 1995.
Ray Turchi of Marcus & Millichap is represents Friedman along with a number of property owners in the area, including the Shingle Creek Co-Owners LLC, which acts as a vehicle for a conglomerate of investors that together own nearly 600 acres of land immediately east of where Crosland is looking to build its multifamily community.
Of the 600 acres, about 250 acres are considered developable. Most of the property is surrounded by preservation land that is managed by the South Florida Water Management District. The assemblage, called International Crossings, is on the market asking for $69 million, though it could also be sold in parts, according to marketing material released by Marcus & Millichap.
“The site is getting a lot of activity,” Turchi said. “The property will probably be spoken for in the next couple of months.”