New York Apartment Developer Considers Kissimmee Site for Next Project – GrowthSpotter

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Based in New York Sovereign properties is considering a site near NeoCity for its next multi-family development if Osceola County agrees to increase the permitted density.

Lakeland Lawyer Tim Campbell represented the company at a recent pre-application meeting with the county’s development review board to discuss a 15.6-acre site along Shady Lane, just north of Walden Park apartments.

The property is just south of the US 192 – Florida’s Turnpike interchange and approximately one mile from NeoCity. It is located within the planned development of Kyng’s Heath and has a future high density residential land use. Walden Park was built in 2002 and has 300 units.

The PD was originally approved for 580 multi-family units with a maximum density of 18 units per acre, which meets the county’s medium-density residential standard.

Based in Atlanta Varden Capital Partners had the property under contract in 2021 and met with the DRC to discuss the construction of the remaining 280 units. But the buyer hasn’t closed on the property, and now Sovereign is looking to increase the allowable density to match future land use.

“What we are looking for is a minor modification to the existing PD to allow for an increase in maximum building height to four stories and maximum density to 26 dwelling units per acre,” Campbell said. “And we’re doing it because we believe that close to the site, we believe it’s a compatible use adjacent to the existing multi-family and industrial use there, located on a fairly major thoroughfare. “

He noted that only one corner of the property adjoins a single-family residence. The Verano Apartmentsbuilt in 2008, are just across the street.

The site is within the Technology Transition Area of ​​the E192 Community Redevelopment Area (CRA) District. This area has some of the strictest building requirements of the Design Ordinance.

Senior Zoning Director Amy Templeton advised Campbell to explore rezoning in HDR rather than modifying the existing PD. Either way, the matter would have to go through a public hearing process as the increased height and density, which would allow approximately 400 units, would be considered a major deviation from the approved PD.

“At this point, you probably have more flexibility to rezone a direct zoning district and work within current code requirements,” she said.

DRC President Jose Gomez said county staff would support the requested zoning change because it would match the underlying land use and because the site is on a major corridor that becomes Cross Prairie. Parkway.

The Kyng’s Heath lot has already been submitted to the Florida Housing Finance Corporation as a potential affordable housing site. In 2016, Tampa-based Southport Financial Services applied for low-income housing tax credits to develop 96 units of affordable family housing on approximately 8 acres of the property.

Last year, Sovereign completed construction and initial rental of its 326-unit Dolce Living Royal Palm apartment community in Kissimmee’s Four Corners submarket. The project adjoins a future skydiving museum and attractions on the W192 tourist corridor and features top-notch amenities including a swimming pool, media center, cinema, billiards, games room and golf simulator.

The same developer received a $60 million construction loan in January 2021 for Phase 1 of its Sovereign at Town Center development on County Road 532 at Old Lake Wilson Road. The project has approved permits. Sovereign has yet to innovate, and company officials declined to answer questions submitted by GrowthSpotter about the status of the project.

Sovereign had purchased the 92-acre site in 2019 and originally planned to begin construction in 2020 on the first 360 of 710 approved rental units. The development plan reserves 8 acres for a third phase which could include a charter school or commercial development, also to be completed by Sovereign. The complex consists of a mix of three- and four-story buildings served by an elevator, with a robust set of amenities that includes a swimming pool with cabanas, a media center and cinema room, games rooms and billiards, fitness center, dog park, golf simulator and tennis court.

Do you have any advice on developing Central Florida? contact me at lkinsler@GrowthSpotter.com or (407) 420-6261, or tweet me at @byLauraKinsler. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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