Jun 6, 2023
Developers Close Land Deals in Kissimmee and Metrowest
GrowthSpotter
Orlando-based Intram Investments paid $5.75 million this week for 15 acres of land at the intersection of Poinciana Boulevard and Oren Brown Road.
Intram VP Randy Hodge told GrowthSpotter they see potential for a mix of retail and multifamily on the property have no immediate plans to develop it. The property is over 10 acres, which means Osceola County would require 20% to be developed as non-residential uses.
“Most likely, mixed use but we haven’t made any final determinations,” Hodge said. “We just liked the intersection. I think that’s very likely growth area, so we’re prepared to invest in it.”
The property is less than a mile from Kissimmee’s W192 tourism corridor and a short drive to the Poinciana SunRail station.
Dusty Calderon with SVN Saunders Ralston Dantzler brokered the sale on behalf of the sellers, descendants of pioneer cattle rancher Oren Brown. The Brown Ranch Six LLC won approval for a land use and zoning change to Tourist Commercial for that parcel, along with 75 acres north of Oren Brown Road. It was all part of a original 2,000+ acre Brown estate, much of which was sold to Disney in 2019.
Intram has a long track record of commercial and mixed-use development in Central Florida. In Kissimmee, the company completed Sunrise City, a Publix-anchored shopping center with five market-rate apartment communities. Posner Village on U.S. 27 at I-4 is also nearing completion, and Intram is wrapping up the first phase of its Olinda Center redevelopment at International Drive and Kirkman Road.
Earlier this year, Intram paid $96 million for 460 acres between World Center Drive and S.R. 417 with plans to deliver a mix of retail, multifamily, and entertainment options in the shadow of Disney theme parks.
This wasn’t the only major land sale for the week. In Orlando’s Metrowest neighborhood, Paramount Development paid $4.2 million for 6.46 acres just off S. Kirkman Road. The Sarasota-based company led the project through permitting for West Flats, a 7-story apartment building with 258 dwelling units, a clubhouse, pool and dog park. The building, designed by Charlan Brock Architects, will utilize poured concrete construction. Paramount has engaged HPA Design Group for the interior design and branding.
Principal Tom Settle told GrowthSpotter last year they could have used a wood-frame construction and paid for a parking structure, but they opted instead for a taller project so it would stand out in the area and provide better views of the attractions and their nightly fireworks shows from the seventh-floor terrace.
“We’re different because we’re surrounded by a lot of three- and four-story product,” Settle said, citing another benefit of building with concrete. “The number one tenant complaint is noise, and you don’t get that will concrete,” he added.
Salim Valiani, vice president of investments for Marcus & Millichap, represented the seller, Metrowest Properties.
“The property went under contract in less than two weeks from the list date with multiple offers at full price,” Valiani said. “It was great to work with the team of experts in multi-family development who helped meet the high standards for development in the area. We are certain that those moving to the area will appreciate the product here.”
The buyer was represented by Jason Mauer of Coldwell Banker Realty.