Site work should begin next month for two new timeshare buildings at Westgate Lakes Resort that will add 160 units to the property, and plans to expand the sales center and build a pedestrian bridge are now estimated at $4 million, lead executives with the company told GrowthSpotter on Thursday.
The budget estimate for that expansion has been revised upward to $4 million over the past month, said Bryon Smith, development director for the company. A development plan will be reviewed next week by Orange County's Development Review Committee.
Work on that expansion and bridge could begin by March, said COO Mark Waltrip. General contractor for the project is Roger B. Kennedy, Inc.
In addition, site work will begin in February to kick off an estimated $53-million investment in two new timeshare buildings on the property, Smith said.
First reported on Oct. 8, the resort currently has 1,047 timeshare condominium units across 28 buildings.
A net 160 new units will be added with new buildings nos. 60 and 70, bringing the property to 1,207 units in 2017 or beyond when complete. A series of one-story town homes dating to early 1980s have been torn down to make way for the new buildings.
Vertical construction of building 70 will start in the summer or fall of this year, with completion expected by Summer 2017. Site work and a pad will be laid for eventual construction of building 60, with its timeline undetermined, Smith said.
The new units will be two-, three-, four- and five-bedroom fully furnished luxury timeshare condos, with an average of $331,250 to be spent per unit on the construction and build out.
Westgate Resorts is the second largest hospitality provider in Central Florida, following Walt Disney World, with seven time-share resort properties in the Orlando area. The company now has 28 resorts across the United States.