112 new apartments in the pipeline for Kissimmee
Jan 15, 2016, 1:27pm EST
PROVIDED BY COLLIERS INTERNATIONAL CENTRAL FLORIDA
Royal American Development’s new 55-plus community will be near Celebration and Old Town.
A recent $1.6 million land purchase is the start of the making of a new active senior-living community in Kissimmee.
Royal American Development Inc. bought 4.5 acres on Irlo Bronson Memorial Highway/U.S. Highway 192 near State Road 417 for the development of a 112-unit, 55-plus apartment community. The land was bought from Nasim Hotels LLC, which also is selling the adjacent 6 acres for a hotel, multifamily or timeshare use, according to Kasey Coryn, spokeswoman for Colliers International Central Florida, which represented the seller.
The land qualifies for the Florida Housing Finance Corp.’s Low Income Housing Tax Credit program, meaning the apartments will be considered affordable housing for Central Florida seniors. They also will be located 2 miles from Walt Disney World, a strategic placement as many seniors look to the theme parks for part-time employment, said Nick Jones, associate, land and hospitality specialists at Colliers.
This development is sure to create construction opportunities and new jobs in the area, but Royal American Development representatives could not immediately be reached for comment on the opportunities.