Two multifamily developers are prepping for construction this year in Kissimmee after closing a $10.4 million land deal last Friday for new apartment community next to Osceola Regional Medical Center.
American Landmark Communities and Prospect Real Estate Group are partnering on the infill development site just west of the hospital. The approved plans call for 355 units on 11 acres, for a density of 32 units per acre.
“Our intention on Rose Avenue is that we’ll be breaking ground in the next 90 to 120 days as the partner, American Landmark, finalizes the lender and the loan documents,” Prospect Managing Partner Navish Chawla said.
While some developers are putting the brakes on new apartment building in 2023, Prospect and Landmark are well-positioned to maintain their pace of construction, which includes new projects on Orlando’s International Drive and in Palm Bay in addition to Kissimmee.
“We’re building obviously $20,000-30,000 a door cheaper than our competitors, so we have the ability to weather the increase of interest that adds to your cost because we’re just building cheaper than everybody else because of our verticality.”
David Calcanis, managing director of land services for Colliers International, represented the seller, Boston-based Saxon Partners. The seller had rezoned the vacant site to build a wellness-themed mixed-use multifamily community with a medical office component but later back out of the project.
The buyers were represented by Moushimi Chinni Ganguli, managing broker with CityLights RE. Once they got the site under contract in 2022, Prospect worked with its team from Scott+Cormia and WGI to redesign the project as a four-story Advantis-branded community with structured parking and 16 units of live-work product fronting on W. Oak Street. The live-work section contains two stories of living space over the 877 square feet of ground-level commercial space. Each unit has two bedrooms.
“There’s no restrictions on the use, but we do envision it to be complementary with doctors and other practitioners who may use that live-work unit as a medical office space,” Chawla said.
The rest of the development plan calls for 205 studios and one-bedroom units, 117 two-bedroom units, 17 three-bedroom units and a separate, two-story clubhouse.
The proximity to the hospital was the main driver for this project, he said. It was designed with a gated garage specifically to appeal to that demographic. “So if you are a nurse, a doctor, and those hours tend to be long and sporadic and at all times of the night, having a surface parked project where you even if it was gated sometimes feel unsafe, as opposed to a gated garage, which goes directly to the unit and your floor,” Chawla said. “So the product is really catering to the medical tenants in and around the area that want a slightly elevated quality project that kind of enhances the safety of the use of the tenant profile.”
Willie Frias, another managing partner at Prospect, said the finishes and amenities will cater to a slightly older demographic. “We do have an ample fitness center … we also have a zen garden, as well that’s essentially sitting on top of the parking garage and overlooks the property, so that’s also part of the wellness component,” he said.
Typical Advantis-branded apartment homes feature high-end designer touches like LED lights, European-style flat panel cabinets with brushed gold fixtures and white quartz counters. The appliance package is GE, and the flooring is a luxury vinyl plank with a wood-like finish. Homes come equipped with a smart technology package, such as keyless entry and digital peephole viewer on the front door.