Some nearly 20 acres of land owned by the timeshare resort company Westgate Resorts are being prepped for multifamily use with the intention to possibly sell the property to a developer.
Erika Hughes of engineering firm VHB recently submitted a Land Use Plan on behalf of the company requesting a future land use of Medium Density Residential and a Planned Development zoning to allow for up to 358 multifamily units.
Those plans went before Orange County’s Development Review board Wednesday morning. At the meeting, staff agreed on a motion to move forward with the project under certain conditions that are subject to revised plans.
Roughly two thirds of a 19.42-acre parcel on the southeast corner of Wakulla Way and S. Texas Avenue remain undeveloped beside the former timeshare hotel, The Seasons, which was converted by Westgate in 2015 to about 45 apartments.
The timeshare company, founded by David Siegel in 1982, came close to converting the zoning in 2017, but plans ultimately fell through.
Westgate oversees more than 13,500 luxury villas and hotel rooms. In the Orlando it has about nine timeshare resort properties, including Westgate Lakes Resort & Spa, Westgate Vacation Villas Resort & Spa and the recently completed Shipwreck Island waterpark which neighbors its Westgate properties in Kissimmee.
Its property along Texas Avenue sits across a 160-unit apartment complex called the CaSienna Apartments, which sold last year for $16.8 million. The deal for that apartment complex, built in 1973, breaks down to about $105,000 per unit.
Westgate’s chief operating officer Mark Waltrip told GrowthSpotter the company went back to the drawing board with the hopes to sell the entitled land to a multifamily developer or potentially develop the apartments themselves.
The Seasons, built in 1983, was one of Siegel’s first resorts in Orlando, but its sister timeshare concept on W192 in Kissimmee performed better than it did on Texas Avenue. As a result, Siegel put building out the property at 5736 S. Texas Ave. on hold.
Today, the region stands to benefit off the traffic developed by the nearby Mall at Millenia as well as a number of major developments being planned, like the former Artegon Marketplace on International Drive that Dezer Development, led by billionaire Gil Dezer, wants to covert into a car museum, dealership and tourist attraction.
Earlier this month, the developer’s master plan for the property received approval from Orlando’s Municipal Planning Board. Plans include entitlements for a 5-story, 365-unit apartment complex that is currently under contract with Tampa-based American Landmark Apartments.
Its new master plan also shows potential for a second and third phase of the multifamily housing, as well as a new hotel and additional retail fronting on I-Drive.
Just south of the project, dubbed Dezerland, Lennar Homes is under contract to buy 77 acres of vacant land where it is planning to develop a resort community with a 300-room hotel and a mix of vacation homes and condos.