A Brazilian multifamily developer is planning its Orlando entry via Kissimmee with a $30 million condominium project on the W192 tourism corridor.
Four Seasons Company partner Ricardo Amaral and his representatives met this week with Osceola County's Development Review Committee to discuss developing the 5.3-acre site on Lake Cecile, near the intersection with S.R. 535.
"We are investing here because of how serious the county is about improving the area," he told GrowthSpotter. "This site has the benefit of being close to the (theme) parks and the commercial areas around it, and it has a view of the lake."
The site is directly across from what will be a signalized intersection with Storey Lake Boulevard and the main entrance to the Lennar resort and residential community.
And just down the street, a long-vacant hotel on Lake Cecile reopened this year as the Palazzo Lakeside Hotel, under Choice Hotels' Ascend Collection.
The conceptual site plan calls for 192 condo units divided among four six-story buildings. Each condo building would be constructed over ground level parking. The community would have a 6,000-square-foot clubhouse with dock in the center of a lakefront park.
Architect Fulvio Romano said their goal would be to capitalize on the location so each unit would have a view of the lake. He said Amaral and his partners, Vicente Matera and Marcelo Leborato, are experienced multifamily developers in Brazil.
"One of the partners is an engineer," Romano said. "They're very knowledgeable about construction and multifamily development. They've been very hands-on in the planning of the development."
The biggest challenge appears to be meeting the county's parking requirements. Florida Engineering Group's Jean Abi-Aoun told county planners the developer would be seeking a parking reduction waiver because the property will be intended for Short-Term Rental.
Even with ground-floor parking under the condo buildings, the conceptual site plan falls well short of the required two spaces per unit. Osceola Commissioners reduced parking requirements by 40 percent in the county's E192 Community Redevelopment Area district, but those rules do not apply on W192.
Kerry Godwin, the county's planning director, told Abi-Aoun the condo project would be better served by adding a parking garage, especially if it could be designed to blend in with the condo buildings. "Even a two-story garage would solve a lot of your problems," he said. "It would really open up your site, and you could put stormwater underneath."
The property is owned by Elos American Homes LLC, which bought it in 2015 for $800,000. Amaral said he and his partners currently have it under contract.