Prospect Real Estate Group II, LLC has purchased 10.68 acres of land in Kissimmee for $10.4 million. Partnering with American Landmark Communities, the buyer plans to develop a high-end apartment community thatâ€™s currently approved for 355 units.
David Calcanis, Executive Vice President at Colliers, represented the seller, Boston-based Saxon Partners, LLC. Moushimi Chinni Ganguli, managing broker with CityLights RE, represented the buyer.
Located on the northwest corner of N Rose Avenue and Martin Luther King, Jr. Boulevard in Central Floridaâ€™s Medical Arts District, the parcel is directly across the street from Osceola Regional Medical Center and less than 2 miles from AdventHealth Kissimmee. Itâ€™s also 4 miles from NeoCity, an up-and-coming 500-acre master-planned technology district.
â€œThe nearest high-end apartment community to this area is at least three miles away,â€ David Calcanis, Executive Vice President, Colliers. â€œGiven there are two hospitals expanding and NeoCity getting off the ground nearby, this was a great opportunity for the buyer to develop a high-end multifamily community to serve the medical and technology professionals who currently â€“ and will, in the future â€“ work in the immediate area.â€
Osceola Medical Center is a 404-bed hospital with 2,163 medical professionals, and AdventHealth Kissimmee has 240 beds with 1,500 employees and 280 physicians. Collectively, the two hospitals have invested over $300 million into campus expansions in the past few years.
The developers worked with Scott+Cormia and WGI to design what is planned to be a four-story Advantis-branded apartment community. It is planned to include 16 units of live-work product fronting W Oak Street, which features two stories of living space over 877 square feet of ground-level commercial space, designed for doctors and other medical practitioners who could use the commercial space as a medical office.
The plan also outlines studio, one-bedroom, two-bedroom and three-bedroom units.
â€œThe buyer and their partners own their own construction company, which keeps building costs down, and they have all the processes in place to bring it all together,â€ Calcanis said. â€œWhile other developers are putting multifamily projects on hold, this project is well-positioned to move forward at a steady pace.â€
The developers expect to break ground on the project in the second quarter of 2023 and to complete construction in Q2 2025.
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