Kissimmee City Manager Mike Steigerwald is finalizing negotiations with St. Petersburg-based Mosaic Development for a 10-acre mixed use project downtown and expects to bring a contract to City Council in October.
Mosaic was the only company to respond to the city's request for qualifications in the spring. The city was looking for a private partner to redevelop two city blocks near the Lakefront Park.
"We're going to sell them the property and use the proceeds, combined with some (community redevelopment area) money to build a parking garage," Steigerwald told GrowthSpotter. "We're also looking into burying the power lines."
Most of the project would be built around a newly enclosed KUA Hansel electrical substation, which will be enclosed and camouflaged. Plans call for a 5-story, 120-room boutique hotel at the corner Lakeview and Ruby Avenue. The rest of the parcel would include a mix of apartments, retail, parking and a community room.
The Toho Square redevelopment, on Pleasant Street between Ruby and Monument avenues, would call for a multi-level parking garage surrounded by apartments and town houses.
Steigerwald said the city needs more market-rate housing downtown in close proximity to the new SunRail station to create a vibrant, urban environment. Development at the Florida Advanced Manufacturing Research Center will also add to the demand. "If we don't do anything and no new housing is created, those workers will commute from Lake Nona and other places," he said. "It's important for us to make sure that we take advantage of what's happening here."
Mosaic Vice President Roxanne Amoroso said company's vision for the Kissimmee property hasn't changed since she responded to the RFQ. "We're really looking forward to working with the city of Kissimmeee to make this project a reality," she said.
She said Mosaic, which specializes in residential and mixed-use development, would not be building the hotel. "We're actually speaking with hotel developers now," she said.
Amoroso was part of the team at Banc of America Community Development Corporation that landed the contract to develop Orlando's Creative Village. The team also includes architect Tim Baker, of Baker Barrios Architects, and Cardno Inc. for site planning and engineering work. Links Financial LLC is the finance partner.