Kissimmee's downtown redevelopment partner told city leaders this week it expects to break ground in January on 300-plus units of Class A multifamily housing across from Lakeview Park.
Mosaic Development Principal Roxanne Amoroso told GrowthSpotter the firm will ask City Commissioners to approve a revised master plan and development agreement in July.
"We had some market studies for apartments and hotels, and the findings were really favorable, so we were able to advance the design for both," she said.
She said construction should take about 18 months to complete, but Mosaic expects to deliver the first apartment building within 12 months.
"We actually looked really hard at doing that, but we felt like it would be a mistake," Amoroso said. "We realized it would be a good idea to incorporate some two-bedroom floorplans with an office or den."
The new $11,362-per unit impact fee could add millions to the development cost, but Amoroso said Mosaic would seek an impact fee waiver for the one-bedroom units.
The original concept called for Mosaic to wrap three sides of the garage with market rate apartments and build fee-simple townhomes along Ruby and Monument avenues.
Amoroso said Mosaic scrapped that plan, and decided to move the hotel to Toho Square, where it will connect to the parking garage and face Ruby Avenue.
"It will be a five-story, 125-key hotel wrapping the Ruby Avenue side of the garage," Amoroso said. "We've got several ideas for what we want to do with the Monument Avenue side, but we know that two sides will be wrapped. On the back (of the garage) facing the railroad track, there's different ways of treating the buildings."
Baker Barrios sited an AC Hotels template on the Toho Square site, but Amoroso said it could accommodate any major hotel brand. She said the company has been in discussions with several hotel developers, but can not formally negotiate until the city approves the revised master plan and DA.
Mosaic eliminated the planned townhomes altogether.
"We got a market study that validated what our numbers showed, which simply said there's not a market for the urban townhomes," she said. "They cost more to build than you can sell them for."
All of the housing would now be built on the Phase 2 site on Lakeview Drive, where the former Hansel electric substation was located.
"It's all so walkable," Amoroso said. "It will really bring more business downtown."
Mosaic has taken on a joint venture partner, Altis Cardinal, for the $50 million apartment complex. The gated community would consist of four elevator-served five-story buildings with a combination of surface and structured parking, plus 10,000 square feet of retail/dining near the lake area.
"We're putting in catwalks to link the buildings together," she said. "It has a really cool amenity, with a two-story fitness center and clubhouse. We have an Uber drop-off area and private dog park."
The apartments would have nine foot ceilings, granite or quartz counters and large walk-in closets. "There's a lot of glass facing the lake, and balconies as well," she said.
Editor's Note: This article was updated on June 28 to correct the name of Mosaic's JV partner to Altis Cardinal.