A large mixed-use project that would change the face of Ocoee is under way on Colonial Drive near the junction of several major roads including S.R. 429, S.R. 408, and the Florida Turnpike.
Park Development Corp. is starting construction this summer onCity Center West Orange, which will have 1,720 condominiums and apartments at 29 Palms at City Center, as well as a convention center, hotel, recreational trails and more than half a million square feet of commercial space.
Park Development Corp., led by CEO David Townsend, is gathering some traditional investors, many from other countries, and is also using the U.S. government's EB-5 investmentprogram for funding. EB-5 gives visas to foreign investors who contribute at least $500,000 to an investment that creates at least 10 American jobs for 24 months.
City Center West Orange is expected to create 4,320 jobs. Through the EB-5 program. So far about 30 visas are in process and Townsend is expecting to get about 70 to 100 total this year.
Location: Sixty acres of lakefront land facing West Colonial Drive in Ocoee near the junctions of S.R. 429, S.R. 408 and the Florida Turnpike.
Developer: Park Development Corp.
Budget:$150 million Start Date: Summer 2015 End Date: First phase, 2017-2018
Funding Partners:EB-5 funding program where visas are granted to foreign investors who invest at least $500,000 in an enterprise that creates at least 10 jobs. Also, traditional international investors, primarily from South America.
Local Benefits:Increases the tax base of Ocoee and Orange County, provides construction employment.
Description:The first phase would include a 122-room Hilton hotel, 150,000 square feet of shops, 500 condos, office space and a 150-room assisted-living facility.