Picerne Real Estate Group has 108 acres under contract northeast of Lake Nona near the intersection of Moss Park Road and S.R. 417, where it plans a second phase of its Oasis at Moss Park with a mix of 500 new residences.
Oasis at Moss Park opened in November 2015, with 320 units of one-, two- and three-bedroom apartments across three- and four-story buildings, as well as three-bed townhomes. That property was built by Picerne's general contracting division, and is now managed by its own property management.
Located at 10955 Moss Park Road, the project's first phase occupies 16.13 acres directly north of the North Shore Golf Course. Picerne bought the tract in October 2014 for $3.59 million from the Gary T Randall Trust, managed by Gary T., son of the late Walter Doane ''Bo'' Randall, who founded Randall Made Knives in Orlando.
With rental demand for Phase 1 of Oasis exceeding Picerne's expectations, the company now has 108.37 acres to the east under contract with Randall, in anticipation of a second phase. Roughly half that acreage is developable, the other half serving as stormwater retention area.
Picerne is asking city government to annex the property into Orlando, is requesting a Growth Management Plan amendment to Residential Low Intensity and Medium Intensity, and Planned Development zoning to allow for 68 single-family homes, 132 townhomes and 300 apartments.
An estimated three acres of the property will also be carved out for sale or land lease, for a projected 18,000-square-foot daycare facility or private school.
The single family and townhomes will be developed for sale, while the apartments will be an addition to Oasis, bringing the multi-family community to a potential 620 units.
Twelve months is the expected timeline to move requests for annexation, comp-plan amendment and rezoning through the city's approval process. Picerne could break ground in Spring 2017, with the entire project built 24 months later.
Officials with Picerne did not respond to requests for comment regarding a projected budget for Phase 2.