National firm planning its fourth luxury apartment complex near Tupperware HQ

With the opening of its third luxury apartment complex in Kissimmee just weeks away, Fore Property Company is already planning for another project in the Loop/Tupperware submarket.

The California-based developer has a purchase contract on 7 acres at the intersection of Ball Park Road and Batts Street, next to the Vernazza apartments which are now under construction, vice president Chris New told GrowthSpotter. It would be the fourth land deal between Fore and Tupperware's Deerfield Land Corp. in the last decade.

"We have a long-standing relationship with Tupperware," New said on Friday. "It's an exciting submarket, especially with the addition of Orlando Health and SunRail." 

Fore built its first local apartment complex, Rapallo, in 2007. Lugano was completed in 2016, and sold last week for $59.15 million to Atlanta-based Cortland Partners.

Fore's 256-unit Vernazza is another Charlan Brock-designed community, just off John Young Parkway. 

"The clubhouse will open by the end of March, and the first building will be completed in April," New said. "Full completion will be in late August."

The next project, called Monterosso, would have 216 units. Like Vernazzo, it's designed as four-story and elevator served with conditioned corridors, and is inspired by the Italian Riveria. 

"It's a more compact site, so it's only two buildings and the clubhouse will be integrated into the first building," New said. "One of the buildings is U-shaped with a courtyard and pool and all the outdoor entertaining areas." 

Exterior colors and finishes would be modeled after the streetscape of Monterosso, Italy. 

"We like to set ourselves apart with our interior and exterior finishes," New said. "With the exterior, it will continue the theme we started with Vernazzo, down to the barrel tile roof. The interiors will be a little more modern and edgy."

New said he had a lengthy meeting on Thursday with the architect and civil team from Harris Civil Engineers. They're scheduled for a pre-application meeting with Osceola County's Development Review Committee on Wednesday.

New said that because of site constraints, Fore won't be able to offer any of the carriage house apartments that have been popular at its other properties. The smaller lot size also limits the developer's ability to offer covered parking at Monterosso. 

Last summer, Deerfield Land sold a neighboring 2.1-acre lot to Morningstar Properties for a new self-storage facility. Providence One Investments paid $3.1 million last May for the adjacent lot and is building a $30 million assisted living/memory care facility there.

While Fore's development activities in the Orlando area have been concentrated in the Kissimmee submarket, New said the firm will be expanding its footprint locally. 

"We have an active pipeline of new projects," he said. "We're looking at the West Orange - S.R. 429 area and the Oviedo submarket." 

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407)420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

Copyright © 2018, GrowthSpotter
64°