Developer pays $4.5M for entitled multifamily site next to NeoCity

A local developer and its Boston-based financing partner paid $4.485 million this week for the 16-acre site entitled for a luxury apartment complex next to Osceola County's NeoCity tech district.

Investors Realty teamed up with Panther Residential Management for the 292-unit Neo Square apartment project. The complex received its Site Development Plan approvals in September and has building permits in review with the county.

Philadelphia-based architect and planner James Carr is both co-developer and architect for the project.

The apartment buildings will be four-story, elevator-served with interior corridors. A planned 6,610-square-foot clubhouse would feature two fitness centers, a business center and indoor and outdoor lounge spaces.

While it's outside of the NeoCity proper, the site will have lake frontage on the new 155-acre lake that's currently under construction. The lake will be surrounded by a five-kilometer paved multi-use trail that will give Neo Square residents access to the future boardwalk and retail hub within NeoCity.

The development team includes Rj Whidden & Associates for permitting, entitlements and graphics, Hanson Walter & Asssociates for engineering and Jacksonville-based LandSouth Construction.

NeoCity has been a magnet for new high-end multifamily development and mixed-use development. Park Square Homes is building its first "Neo" branded community, with up to 384 units, on the north side of U.S. 192, next to Valencia College.

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