Winter Park-based Epoch Residential has filed plans with the city of Kissimmee for a multi-phased development with up to 788 units in The Loop submarket.
The luxury multifamily developer has a purchase contract on 74 acres in the Flora Ridge Mixed-Use PUD, east of Dyer Boulevard and about a third of a mile south of Osceola Parkway.
Epoch President Justin Sand has applied for a PUD amendment to allow a mix of residential types, including duplexes, triplexes, townhomes and apartments, as well as a potential assisted living facility. He is asking the city to raise the height allowance from 35 feet to 55 feet.
Epoch would be responsible for building the missing segment of Ball Park Road through the length of the property and extending Thacker Avenue north from its terminus to Ball Park, according to a tri-party agreement with the current owner, the city and Kelly Properties, which owns the 85 acres to the north.
David Calcanis, listing broker for the Kelly Properties site, said Epoch's cost for the road improvements could be anywhere from $2.5 million to $3 million. Kelly Properties, or a subsequent developer, would be responsible for the section of Thacker between Osceola Parkway and Ball Park.
"Epoch is trying to work with the city to get the mobility fees waived," Calcanis told GrowthSpotter. "Ball Park is a four-lane road, but it's a secondary collector road and it's not on the city's five-year plan."
Sand declined to comment Friday on the project details, noting that Epoch is still in its due diligence phase and approval of the PUD amendment will be a factor in the decision on whether to close.
The Loop/Tupperware submarket has attracted several new Class A apartment communities recently, including two neighboring projects by Fore Property Company.
The MUPUD is entitled for 2,229 single-family homes, 1,590 multifamily units and 1.4 million square feet of retail space. Other entitlements include 700,000 square feet of office, 400,000 square feet of industrial space and up to 600 hotel rooms.
Calcanis has been marketing the Flora Ridge land fronting on Osceola Parkway for commercial and office development.
The 50-acre commercial site was previously under contract twice by the same Miami-based shopping center developer, who ultimately walked away both times. Calcanis said another buyer has made a purchase offer for the site and he expects to be under contract by next week.
"I think this go-round, we are going to be successful," he added.
Calcanis is also marketing the 35 acres north of the future Ball Park Road extension for an office park. Tampa-based Waterford Construction & Development is developing an 8.7-acre office park at the southwest corner of Ball Park and Dyer, just west of the Flora Ridge site.