Psychiatrist-turned-developer planning 55+ subdivision in Osceola

Yale-trained psychiatrist Jagdish Kulkarni filed construction plans Wednesday in Osceola County for Serenity Reserve, a 28-acre gated subdivision for retirees on Thompkins Road just west of N. Narcoossee Road.

Kulkarni bought the property, which straddles Thompkins and Dan Smith Road in St. Cloud, in late September for $2.66 million. It was rezoned from agricultural to low density residential.

"It's going to be age-restricted - we can't send any kids to the school there," said Shri Rao, who is both the broker and civil engineer for LandSmart Consultants.

The plan calls for a up to 100 single family homes on 60-foot lots, with a clubhouse and full-time activities director. The first phase will be 45 homes. Kulkarni told county planners he may revise the site plan to build 70 townhomes in phase two, depending on market conditions.

A native of Bombay, India, Kulkarni received his medical degree from Bombay University and completed his training in psychiatry in the U.S. at Yale University. He practiced and taught in Indiana from 1974 to 1995 before launching a number of business initiatives including owning his own psychiatric hospitals and a DNA-testing lab.

He and his sons established Kulkarni Properties, a commercial real estate development company, in 2005. Serenity Reserve is Kulkarni's first residential project.

Kulkarni told GrowthSpotter he'll begin looking for a general contractor in December and hopes to start construction on phase 1 in the spring.

"He's going to the be builder, but he's currently interviewing for a general contractor," Rao said. "He's not going to bring any outside homebuilders in to the project. Eventually everything will be built under the 'Serenity' brand."

Rao said he plans to build at least two model homes onsite and to start construction on the amenity center after completing the eighth house.

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