Orlando developer Kal Hussein and his partners from Park Square Homes cleared a major hurdle last week for their mixed-use OxBow Crossing project next to Valencia College in Osceola County.
Kissimmee's Planning & Zoning Board approved a Planned Unit Development Amendment that reduces the required commercial development needed to build a new 350-unit apartment complex on the 17-acre site.
Because the property was in the city's Vine Street Overlay District, the previous PUD would have required more than 100,000 square feet of commercial space, which wasn't feasible, or drastically reduce the density for the apartment complex.
"We went back to city and redid the PUD," Hussein said. "And we came out smelling like a rose. They gave us an upper limit 550 units and a minimum of 10,000 square feet of commercial."
Hussein said he and partner Suresh Gupta plan on building 325 units, and they will prep the retail pads to market and sell. They're closing on the property in April, and the goal will be to submit building plans before Osceola County raises its school impact fees, likely in mid-June.
"We still have to let loose the architects and let them do their thing," Hussein said.
The unit mix includes 150 one-bed and two-beds, along with 50 three-beds. Construction is expected to last 18 months. Because the site is in the city of Kissimmee, it's not affected by Osceola County's mobility fee increase.
The apartment complex will cater to Valencia students by offering a slew of on-site and off-site amenities. The community will have study gardens, a linear park along the creek, pedestrian access to the Denn John Recreational Complex, a clubhouse with fitness center, entertainment room and indoor and outdoor pools. Residents would have complimentary or discounted gym membership and shuttle service to Kissimmee's Lakefront Park.
"We're going to offer all of that to make it attractive," Hussein said.
He credited AVCON'sRick Baldocchi with helping them work through the significant environmental challenges on the site, which included mucky soil and 5.5 acres of wetland.
"This site almost died four times," Hussein said. "He practically saved this job for us. We were able to mitigate the wetlands."
OxBow Crossing is one of five new multifamily projects in development or permitting now along the NeoCity E192 tech corridor. That includes Neo Square across the street, which filed building permits last week.