The Ocoee City Commission will be entering into an agreement with Orlando-based 2BPlatinum Limited Partnership, to build a new mixed-use building in its downtown corridor.
At a city commission meeting Tuesday night, commissioners unanimously voted to accept a Letter of Intent submitted by the company seeking the opportunity to buy and develop a 1.1-acre site on the southwest intersection of South Kissimmee Avenue and West McKey Street.
The properties at 15 S. Kissimmee Ave. and 214 W. McKey St. were acquired by the city in 2014 for $525,000 as part of its $43 million downtown redevelopment initiative.
The intent was for the property to feature stormwater retention for future roadway projects, including relocating Kissimmee Avenue away from the railroad tracks and Taylor Street improvements.
According to plans, the developer intends to use the remaining land to build a two-story, mixed-use building with retail on the ground floor and apartments on the second floor.
2BPlatinum LP is proposing to buy the property for $300,000 on the condition Ocoee waives police and fire impact fees and accommodates the site’s stormwater pond requirement. The agreement will also grant the city any proceeds over the purchase price if the property is sold within 24 months.
2BPlatinum LP is led by Marcus V. Vinicus according to the submitted LOI. Lou Forges, broker and managing partner at Valiant Realty Group LLC, brought the buyer.
Around 2018, the city tried to lure in the St. John River Water Management District to open a location at the site after the water district expressed interest in moving its Maitland service center.
The SJRWMD ended up choosing Apopka, but the architectural style seen in a city-commissioned conceptual rendering resembles an exemplary kind of development, Ocoee’s Development Services Director, Mike Rummer told GrowthSpotter.
The property sits near where VMG Construction, led by Victor Galvan, is completing its two-story, 6,300-square-foot office building that will feature a 4 Locos Tacos restaurant.
Galvan is also building a two-story, mixed-use project at 2 N. Bluford Ave., near the new City Hall municipal complex. The lot was previously being pursued by GPK Investments, but plans fell through. Another unsolicited offer proposing to build a bed and breakfast on the site was rejected by the city commission in 2020. Records show a company tied to the Galvin family bought the site from the city last year for $389,000.
The city’s downtown master plan includes an $8 million downtown stormwater system and a nearly $10 million project to reconstruct Bluford Avenue. The Lakeshore Center expansion is nearly complete, and a new lakefront park and City Hall are underway.
Rummer said they should be moved into the new city hall building within the year.