On December 23, 2019, Deerfield Land Corporation completed its fifth sale of property in Osceola Corporate Center to Fore Property Company. The site is a 21.5-acre parcel South of the intersection of Orange Avenue and Osceola Parkway, and the development will consist of a 384-unit market rate, luxury apartment complex named Parkway Crossings. The apartment project is the third such residential project within the Transportation-Oriented Development sector of Osceola Corporate Center and will bring the total unit count of apartments to 912 units, and will be within walking distance of the Tupperware SunRail Station. Construction is expected to commence in 2020.
On September 27, 2019, Deerfield Land Corporation completed the sale of 3.12 acres of land on the West side of Orange Avenue opposite the entrance to the Tupperware SunRail Station to Three Sticks Capital, LLC. This transaction is intended for the development of a 7-Eleven gas station and convenience store and up to 10,000 s.f. of additional retail and restaurant space. Construction is expected to commence in 2020.
On August 8, 2019, Deerfield Land Corporation sold an additional 6.2 acres of land to Orlando Health, Inc. adjacent to its existing 14-acre medical facility at the intersection of Orange Avenue and Osceola Parkway. This transaction is intended to facilitate the expansion of the Orlando Health Medical Center from 122,000 s.f. to over 500,000 s.f. The full expansion plan is expected to be finalized by February 2020. This transaction is expected to assist in increasing the employment-related ridership of SunRail using the nearby Tupperware SunRail Station.
In December, 2018, a transaction closed leading to the development of a 20,000 square foot mixed-use at the southeast corner of Osceola Parkway and Orange Avenue. ESPO-Osceola, LLC will construction a new 3-story building with 1/3 for retail development and the balance office users.
Today Deerfield Land Corporation completed the sale of 1.5 acres on Orange Blossom Trail to CFE Credit Union for its construction of a retail branch operation. It is expected that construction will be completed and open in 2019.
Deerfield Land Corporation today closed on the second phase of the sale to Eastwind Development Company of approximately 3.5 acres to bring the number of units from 240 to 352. The project is expected to be completed in 2019.
We are happy to announce a fourth sale today to Fore Properties Company of a 7-acre site on the Northwest corner of the intersection of Batts Street and Ball Field Road in Northern Osceola County for the development of a 216-unit market-rate, luxury apartment project named Monterosso. These apartments will be immediately North of the Osceola County Softball Complex, be adjacent to the planned extension of Thacker Avenue to connect with Osceola Parkway, and have close proximity to both the Loop and Crosslands shopping centers. They are expected to be open for occupancy in 2019.
We are happy to announce a third sale to Eastwind Development of a 14-acre site on the West side of Orange Avenue in Northern Osceola County for the development of a 240-unit market-rate apartment project named San Mateo Crossings Apartments. These apartments will be in transportation-oriented development property of Deerfield Land Corporation and immediately opposite the SunRail Tupperware Station. It is expected that an additional 3.5 acres will be added to the site later in 2018, bringing the total unit count to 352, and that the apartments will be ready for occupancy starting in 2019.
The reconstruction project involving Orange Avenue announced in October 2015 has been completed and is now open to public traffic. The project involved the complete reconstruction of the road from its southern terminus at the junction with Osceola Parkway to the county line, a distance of approximately 1/2 mile. The road has been converted from a 2-lane highway without traffic signals to a 4-lane boulevard with a landscaped median and 3 traffic signals north of Osceola Parkway. One of the signals serves the new access road, Tupperware Boulevard, to the new Tupperware Station on the SunRail commuter rail line, which is scheduled to go into service at the end of July, 2018. Approximately 95 acres of developable land were cleared and supplied with utilities surrounding the reconstructed Orange Avenue and immediately adjacent to the Tupperware Station location in preparation for development.
On December 20, 2017, Deerfield Land Corporation completed the sale of approximately 3.5 acres on the corner of Centerview Boulevard and Orange Blossom Trail to Pinnacle Hospitality Group. The project will bring a much-needed 128-room Hampton Inn Hotel to Osceola Corporate Center, as well as an entitlement for a 5,000 square foot restaurant. Construction is expected to begin immediately and the hotel will be open for business in early 2019.