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Residential Property Developments

Luxury townhomes in Ocoee are selling for higher than $630,000 in pre-construction costs

The Inspiration luxury mixed-use project in Ocoee is grabbing some high prices in its marketing phase.

According to a recent city project status report, pre-construction sales for the 90-lot townhome community have reached approximately 30%, with reserve prices for townhomes starting at $630,000. At that rate, the minimum sell-out price for the townhome portion of the mixed-use project is over $56 million.

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Townhomes feature two-car garages and brick driveways. Buyers can choose between three- and four-bedroom floor plans with custom add-on options including artificial turf in the backyard, a “smart” pool with automated pool maintenance applications and a designer garage, among others shown in online marketing material.

Amenities at the residential community include a gym with state-of-the-art equipment, a community clubhouse for events or business meetings and a resort-style pool with towel service.

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RPM Investments Holdings LLC, led by businessman and real estate developer Ray Veloso, is representing a large group of investment companies that are helping put together the mixed-use community now taking shape directly west of Maguire Road and south of Florida’s Turnpike.

The townhomes are part of larger plans that include four commercial buildings west of the fee-simple residential neighborhood that will consist of a 13,681-square-foot preschool, in addition to nearly 60,000 square feet of new office and retail development.

The largest of the commercial buildings (Building 3) will feature 42,350 square feet of office/retail space across two floors. Meanwhile, the other buildings are single-story with one containing 12,600 square feet of office/retail space and the other containing 3,591 square feet of retail space.

So far the only announced retailer is the pre-school operator Amazing Explorers Academy, which is a franchise Veloso helped create. The pre-school specializes in STEM — science, technology, engineering and mathematics and currently has a location in Lake Nona’s Laureate Park Village Center.

Records show most of the commercial portion is under construction. According to a final site plan and subdivision plan, Maitland-based Alex Stone is the architect for the commercial portion and Orlando-based Metro Architecture Partnership Inc. is designing the townhomes.

Yellow Rock Construction, another one of Veloso’s ventures, is the assigned contractor.

Veloso did not respond to requests for comment.

In a previous interview with GrowthSpotter in 2018, he said Inspiration’s first phase would be fully funded, but that he would consider securing a bridge loan during the construction period.

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A mortgage filed in late 2020, shows the construction for the first 26 townhome lots was financed with the help of a $2.8 million loan from Orlando-based One Florida Bank.

In 2018 Veloso also anticipated $42 million in revenue to come from the townhome sales, and $20 million for the commercial portion.

The Inspiration Planned Unit Development application was first submitted in 2017, and an agreement between Diplomat Development Group LLC, RPM Investments Holding LLC and the city was signed about a year later.

One of the terms for the agreement was for the developer to construct a new road known as Northbrooke Boulevard. In return, Ocoee officials agreed to provide the owner transportation impact fee credits in an amount less than $252,000 or 60% of the total final build-out costs.

Veloso is originally from Salvador, Brazil, and has been active in the Orlando submarket for the past 20 years. In addition to Yellow Rock Construction, he founded V Enterprises Real Estate Solutions in 2005 with his wife and real estate investor Marcia Veloso.

Directly west of Inspiration, GrowthSpotter reported PruittHealth plans to build a 120-bed skilled nursing home (one of its first Central Florida locations) on 11 acres at 870 Tomyn Boulevard.

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Nearby, national multifamily developer Fore Property Company is planning to build a new 410-unit apartment community across Maguire Road. The City of Ocoee is awaiting resubmittal of plans for a third review, according to the city’s project status report.

Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 491-3357, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.


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