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Multifamily developers close land deals right before Christmas

Fore Property Company will build a 384-unit apartment community called 19 South on the land it bought Monday from Tupperware.
Fore Property Company will build a 384-unit apartment community called 19 South on the land it bought Monday from Tupperware. (Charlan Brock)

After a tumultuous year that saw stock prices tumble and a CEO ousted, Tupperware will end 2019 with a positive return on its land development strategies, capped off with the $8.95 million sale Monday of a multifamily site in Kissimmee just south of the SunRail station.

“We had $16.8 million in land deals this year,” Tupperware Vice President Thomas Roehlk said. He noted that the company also recouped $8.125 million through the sale of mobility fee credits it had accrued for the widening and reconstruction of Orange Avenue.

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Fore Property Company, a longtime development partner of Tupperware, purchased the 21-acre site on Osceola Parkway, within the Osceola Corporate Campus Planned Development. Roehlk the purchase price included a $1.75 million reimbursement for the site development work on the property.

The apartment amenities could include smart-home technology and saltwater pools surrounded by hotel-like cabanas with misting fans, TVs and mini-fridges.

Tupperware cleared and graded the heavily wooded site and built a stormwater pond at its own expense to spur buyer interest in the property. “We didn’t think anyone else would have the vision to see what could be done there,” Roehlk said. “It was a long process. This ended up being a three-year project, and it was under contract to two other buyers before that.”

Fore will build 19 South, a 384-unit transit oriented community. This is the fifth apartment community Fore will build in the OCC PD. The buildings will be LEED Certified, 4-story, elevator served with interior corridors. The community will offer a suite of amenities that include two pools, a 24-hour fitness center, Amazon lockers, a pet spa, jogging trail and courtyard with outdoor kitchens.

Chris New, VP of Development, said the units would range in size from 670 square feet for studios to 1,437 square feet for a three-bedroom unit. Each will feature vinyl floors, walk-in closets and “chef-inspired” kitchens with stainless steel appliances, solid surface counters and LED lighting.

The development team also includes Harris Civil Engineers and Charlan Brock Architects with interior design by Scott+Cormia and landscape design by Perry-Becker. Construction is scheduled for March with delivery of the first units planned in July 2021.

The apartment building would be seven stories, stepping down to six stories, with a variety of walk-up and live-work units on the ground floor.
The apartment building would be seven stories, stepping down to six stories, with a variety of walk-up and live-work units on the ground floor. (Ustler Development Inc./Charlan Brock Architecture)

This was one of two multifamily development land deals to close in the days before Christmas. In Orlando, a Wood Partners-Ustler Development joint venture paid $5.65 million for the site of its next apartment community, Alta at Health Village.

Adventist Health System was the seller of the property on the 2600 block of N. Orange Avenue, between E. Rollins and E. Winter Park streets, across from the AdventHealth Cancer Institute. The land carries a deed restriction that the buyer must construct a minimum of 240 rental units with ground-floor retail uses, and it can not convert the property to a condominium.

Charlan Brock is also designing the new Alta community, which features over a dozen ground-level walk-up units and upper story units with downtown views. They also moved the pool and amenities from the ground level to the roof of the garage to create a more urban experience.

“This is a more contemporary and urban feeling project,” Ustler said in an earlier interview. “The site is on Orange Avenue and it was appropriate to do a taller and more urban building here as compared to The Ivy, which is farther to the west. The building is seven stories fronting Orange Avenue and then steps down to six stories to the west facing Dade Avenue.”

GAI Consultants is the project engineer, and Wood Partners will serve as the general contractor. Delivery is tentatively scheduled for mid-2021.

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.

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