Development plans for more than 10 acres of land within a larger property assemblage Intram Investments has been busy accumulating just north of its Sunrise City Plaza project have emerged.
Randy Hodge, executive vice president at Intram, told GrowthSpotter the firm is working to entitle 10.74 acres of land just north of the soon-to-be completed Poinciana Boulevard roadway, to allow for the construction of a 296-unit multifamily development.
Intram paid $3.2 million for the property in April. Without disclosing who the the buyer is, Hodge said the firm is under contract to sell the vacant land to a multifamily developer.
He adds the property will likely trade hands in the next six to eight months, after the development scores all the necessary approvals to begin construction.
According to the DP filed last week in Orange County, the project will consist of four, 4-story multifamily buildings, a clubhouse, dog washing station, bike racks and about 3.5 acres of open space.
Over the past couple of years, Intram has been busy accumulating more than 60 acres of land directly east of the Lake Buena Vista Factory Stores at 5657 S. Apopka Vineland Road.
The property lies north of its Sunrise City Plaza shopping center in Osceola County, that’s anchored by a Publix Super Market, as well as department stores TJ Maxx and Ross.
The plaza is the first phase of Intram’s Sunrise City mixed-use project, which spans 238 acres in Kissimmee’s tourism corridor, east of the intersection at W. Osceola Parkway and S.R. 535.
Hodge said the second phase will include a Miller’s Ale House and 25,000-square-foot multi-tenant retail building.
As part of that deal, Integra recently completed a 300-unit apartment complex called Integra Sunrise Parc, and earlier this year the firm bought an additional 41 acres in the community.
Intram Investments was founded in 1991 by Rashid Kathib. The company has since developed such notable projects as Plaza Venezia shopping center on Sand Lake Road in Dr. Phillips, home to Orlando’s “Restaurant Row.” The firm is also developing Posner Village in Polk County.
Back in Orange County, the firm also owns about 80 acres of vacant land at the International Drive and Central Florida Greeneway interchange.