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Multifamily developer Fore Property under contract for land near Flamingo Crossings

Multifamily developer Fore Property under contract for land near Flamingo Crossings
A rendering of the two-story clubhouse. The 23-acre property sits just south of the Western Way and Flamingo Crossings Boulevard, adjacent to Lake Britt and near Disney's Flamingo Crossings master planned community. (RDIP)

Multifamily development and management firm Fore Property Company is vying for land near Disney's Flamingo Crossings with plans to open a luxury apartment complex.

Without disclosing the price, vice president Chris New said the company is under contract to buy 23 acres for land just south of the Western Way and Flamingo Crossings Boulevard. The seller is Orlando-based Orange Lake Resorts.

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According to plans filed with the South Florida Water Management District, Fore Property is seeking to build a 352- unit apatment complex overlooking Lake Britt. The community will be composed of a two-story clubhouse, resort-style pool and ample recreational space.

New said the firm wants the apartment complex to be an amenity-laden hangout spot designated for all generations. The company is planning to equip the community with an interactive gaming room, a dog salon, dog park, bocce ball courts and walking paths around two ponds.

Charlan Brock & Associates is the architect. Appian Engineering is the engineer.

Located half a mile from Walt Disney World's western entrance, the area is slated for intense urbanization, primarily due to Disney's 450-acre Flamingo Crossings master-planned community set for about 1,300 multifamily units for its college intern program, 5,000 hotel and timeshare units and more than 350,000 square feet of retail space.

At least seven new hotels are planned, the latest being a Hampton Inn & Suites at 13265 Flamingo Crossings Blvd., according to plans filed with the SFWMD in February. Flamingo Crossings was announced in 2007, but then put on hold during the economic recession.

Fore Property is expected to close on the land for its multifamily project in June, New said.

Susan Morris and Nick Jones of Resource Development Investment Properties have the listing.

"It's one of the only non-Disney development opportunities along Flamingo Crossings," Morris said. Just south of the property, Orange Lake has about 200 acres of land under contract with Pulte/Del Webb for a 700-home age-restricted community.

Helping lure development is the expansion of the Western Way and Harzog Road thoroughfares. Western Way, which runs through Flamingo Crossings, is being constructed as a new four-lane roadway that will extend roughly 1.6 miles west to Avalon Road.

"Before you had to take a little jagged path to get to Avalon," Morris said. "This takes pressure off Highway 192 and US 27, and allows easier access to Disney parks and resorts like Margaritaville."

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The project is being overseen by Walt Disney World's governing body, Reedy Creek Improvement District (RCID), and is slated to complete by late 2019.

"We're excited to be in the middle of all that great development," New said. "All the Disney activity and new hotels, I think it's a fantastic location."

Fore entered the Central Florida market in 2005 and has since completed a handful of multifamily developments that primarily reside in Osceola.

In 2016, the company developed a 288-unit apartment complex in Kissimmee called Lugano. Two years later, that company sold the complex for $59.15 million to Atlanta-based Cortland Partners.

It's currently in the midst of delivering a 216-unit multifamily community dubbed Monterosso in the Loop/Tupperware submarket.

Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on FacebookTwitter and LinkedIn.

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