Parkview Financial announced it has provided a $28.5 million loan to CS-ICM 5, LLC for the conversion of a former 436-key hotel and resort property into a 351-unit apartment complex with retail and restaurant space. Located at 8660 W. Irlo Bronson Hwy in Kissimmee, Fla., the property will offer affordable rental rates and will attract tenants who work near a number of employment centers including Disney World which just a 10-minute drive. Construction has now commenced with completion anticipated for summer 2022.
Originally built in 1977, the property is situated on 16 acres and includes 11 two-story buildings, three swimming pools, a fitness room, patios, garden areas, an approximately seven-acre nature preserve, and a separate 7,000-square-foot (sf) commercial building that has frontage along HWY 192.
The first phase of the project will be the conversion of the existing hotel room buildings into an apartment complex that will feature 251 studios averaging 350 sf and 100 one-bedroom units averaging 700 sf. The units will include new kitchens with wood shaker style cabinets, stainless steel appliances, granite counter tops, and stainless steel sinks; walk-in closets for the one-bedroom units; new bathrooms; vinyl plank flooring in living areas; and carpeting in the bedrooms. The second phase will be the conversion of the commercial building to 12,000 sf of retail space to include six retail stores, one restaurant, and a convenience store.
“With rents below the market average and vacancy rates under three percent in the local market, this well-located project will provide a much needed market solution for more affordable rental housing to hourly employees of the surrounding tourist-focused attractions,” said Paul Rahimian, CEO and Founder of Parkview Financial.
He added, “Parkview sees Florida as a state that will continue to experience demand for new multifamily and retail projects as the population in key markets grows exponentially.”
The general contractor is Certified General Contractors, Inc. and the architect is WHA Design.