Fore Property to Start Construction on Kissimmee OZ Project
Fore recently secured a $49.6 million loan to develop the property from BBVA.
KISSIMMEE, FL—Multifamily developer Fore Property tells GlobeSt.com that construction will begin on Monday on 19 South, a 384-unit apartment community located in a qualified opportunity zone here. Fore recently secured a $49.6 million loan to develop the property.
BBVA provided the loan for the development of the apartment community, which is a joint venture between Fore Property and Canyon Partners Real Estate LLC.
Canyon Partners previously invested $29.8 million of equity into the project, which is slated for completion in May 2022. Fore Construction, LLC will lead the construction.
“The Orlando market’s expansive growth in recent years has attracted new business to the area and made it a prime location for high-quality, transit-oriented communities like 19 South,” James Sullivan, managing partner at Fore Property, said. “We remain optimistic about the prospects for the region’s real estate market,” he added.
19 South offers access to the Osceola Parkway, Florida Turnpike, and John Young Parkway, as well as Downtown Kissimmee, Lake Nona Medical City, Walt Disney World Resort and Orlando International Airport. Fore says the South Orlando submarket continues to flourish with employment opportunities, including the recent expansion of Orlando Health, Osceola Regional Medical Facility, and Adventhealth, leading to rapid population growth and the subsequent need for high-quality housing.
A LEED-designed, wood-framed development, 19 South will consist of four, four-story residential buildings that offer a mix of studio, one-, two- and three-bedroom apartments.
Asked by GlobeSt.com about possible effects of the coronavirus pandemic on the project, Sullivan said, “We have several months of site work operations which typically have fewer people on site at any given time and working independently in excavators, bull dozers etc.”