Orlando-based developer Tramell Webb Partners is in the early stage of re-zoning two parcels in Osceola County totaling 440 acres for more than 1,100 single family homes, with investment estimated at up to $45 million next year, one of the company's principals told GrowthSpotter.
Tramell Webb will go before Osceola County's Development Review Committee on Wednesday for its recommendation to change zoning on the two properties to Low Density Residential, which allows for roughly three to eight units per acre.
If DRC recommends it, the cases could go next to Osceola's Planning & Zoning board on Aug. 6, then the county commissioners on Aug. 15.
The larger of Tramell's two parcels is 406 acres in Kissimmee, located on the east side of Ham Brown Road (CR 535), south of Daniels Street, west and south of Citrus Street, and east of Campbell Road. Near an elementary and middle school, the developer will fulfill a comprehensive plan requirement to build an east-west road that connects Ham Brown to Pleasant Hill Road (CR 531).
The other parcel is 39 acres, located on the southwest corner of Old Hickory Tree Road and Hickory Tree Road. Located south of US 192 where Narcoossee Road ends and Hickory Tree Road begins, it's arguably the next untapped area for residential growth in Osceola, said Joe B. Tramell, principal and co-founder.
Tramell Webb has yet to choose general contractors for the projects, and will partner with homebuilders next year only as ground work on the properties comes into focus.
Both parcels are currently owned by family trusts, with Tramell Webb pursuing development approval and the entitlement process on their behalf. The developer could move to acquire the properties by March 2016, if the current zoning, subdivision plan and final engineering process proceed as expected, Tramell said.
He envisions around 980 homes on 50-square-foot or 60-square-foot lots for the 406-acre property, and 140 homes on the 39-acre parcel.
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