Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ORLANDO-Mayor Buddy Dyer and five council members have voted to give suburban Windermere, FL developer Kevin Azzouz a $4 million, 10-year economic incentives package for his planned 30-acre, $120 million, mixed-use Veranda Park project at the 1,850-acre MetroWest community near Universal Orlando.

Orlando elected officials are frequently criticized for handing out multi-million-dollar grants for projects that never get off the drawing board. But this time city officials are confident the Azzouz project will pay off in an increased tax base and other new development, planning department staffers tell GlobeSt.com.

The six-member council voted 5-1 for the package that includes property tax rebates and development fee credits. The incentives deal took a year of on-and-off negotiations between the developer and the city whose primary focus has been in redeveloping the core of the central business district, not in fostering non-CBD undertakings.

Azzouz, a fourtyish, former software developer who reportedly retired as a millionaire in his thirties, couldn’t be reached at GlobeSt.com’s publication deadline. But subcontractors who have worked with Azzouz on area residential ventures tell GlobeSt.com the developer plans to break ground in July on the first of 500 planned condos and an undetermined amount of retail and office space on Hiawassee Road, one of MetroWest’s main arteries.

Preliminary design plans call for two parking garages at an estimated $20 million; a 400-seat amphitheater; a 12-screen movie theater; a boutique hotel; an undetermined number of restaurants; and condos priced in the $150,000 to $1 million range, Azzouz has told the city. Battery-charging stations for electric cars and Segway scooters are also planned. Five sculptured lions from China will grace the Veranda Park entrance.

MetroWest was initially developed in the 1980s by Saudi Arabian investors and has been targeted in the last few years as a vibrant retail development area by national merchants.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.