Offering Overview
Fisher Auction Company and HREC Investment Advisors, as sole and exclusive agents for Primeland Real Estate Development LLC (“Seller,” “Developer,” “Owner,” “Debtor”) – under the auspices of the United States Bankruptcy Court for the Middle District of Florida, Orlando Division – are pleased to offer for sale the fee simple interest in the fully entitled/partially constructed “Sycamore Resort” (“Property”), a 378-unit hotel-condominium development located at 2691 Livingston Rd, Kissimmee, FL.
Osceola County’s approval of the Owner’s proposed Site Development Plan (“SPD”) for the Project was conveyed via letter of approval dated July 17, 2020. Subsequently, a site plan revision was approved in September 2021.
An unrecorded Declaration of Condominium draft and other condominium documents for the project are available for review in the draft condominium documents folder in the online due diligence room.
As envisioned by the Developer, the market positioning for Sycamore Resort was intended to be a “condominium hotel” with associated resort amenities. As such, the completed and fully furnished condominium units were to be sold to individual investors for their personal use and/or rental to third parties, and the management of the “hotel” operation was to be provided for by a professional management company.
To date, there have been no closings on any individual condominium units. To this point the Debtor, and thus the court, has full control of the real property associated with the Project.
The Property is located in the “Four Corners/Kissimmee West” section of unincorporated Osceola County in the southwest sector of the overall Orlando market area – just south of Disney World along the “192 Corridor.” Four Corners includes such developments as Champion’s Gate and Reunion.
Property Overview
As marketed by the Developer, the Property is a “Luxury Condominium Hotel” development featuring the 378-living units, a clubhouse, swimming pool and pet hotel, along with other amenities. However, Multifamily Apartments, Senior Living, and Short-Term Rentals are permitted.
Units: 378
Parking Spaces: 378 (est.)
Features & Amenities: Clubhouse with restaurant, gym, lounge area and welcome center, Swimming pool
Lot Size: 9.85 Acres
Street Frontage: 662
Gross Sq. Ft. (All Buildings): +/- 563,000
Buildings;
Residential (7 Stories): 6 | Clubhouse (1 Story): 1 | Pet Hotel (1 Story): 1
Approvals & Permits;
Site Dev. Approval Date: July 2020
Site Preparation Permit Date: November 2020
Foundation Permit Date (Initial): March 2021
Construction Permit Date (Initial): November 2020
Construction Pause Date: July 2024
Construction;
Footers: Poured Concreate | Exterior Walls (Floors 1-2): Concrete Block Exterior Walls (Floors 3-7): Steel Frame | Interior Walls: Steel Frame
Utilities;
Water & Sewer: Toho Water Authority | Electricity: Duke Energy Natural Gas: TECO | Cable: Spectrum
Zoning/Entitlements/ Construction Permits
According to Osceola County land use records, the Property is zoned Commercial Tourist (CT), and lies within the Short Term Rental Overlay district.
The future land use designation is Tourist Commercial.
Planning & Zoning Within the Osceola County Land Development Code, “the Commercial Tourist district implements the Tourist Commercial and Short Term Rental Overlay policies of the Comprehensive Plan and is primarily intended for intense tourist-related housing, commercial and recreational, and entertainment uses.”
The project was given site development plan approval on July 17th 2020. A copy of the letter of approval is provided in the online due dilligence room.
The initial site work construction permit was granted in November 2020.
The initial building foundation construction permit was granted in March 2021.
In Place Improvements Description;
In general, the in-place improvements/work-in-progress includes the following:
• Rough and finished grading of the entire site.
•Retention walls along the southern perimeter and along the southern side of the clubhouse pad.
•Privacy fencing on three sides of the site, including along the street frontage.
•Installation of primary utility runs/improvements from the street on to the site.
• Distribution of utilities – including water, electricity, natural gas, sewer, stormwater – to each of the building pads.
• Transformers located at each of the seven building pads.
• Graded roads and a system of curbs and gutters.
• Footer work in progress on two residential buildings (B and E).
• Partially constructed guard gate at site entry point.
• Partially constructed Buildings A & F (see images).
