Kissimmee city commissioners voted unanimously Tuesday to begin negotiations with the local company capastrata For the proposed $272 million redevelopment project for the city’s blighted Kmart site.

“I would like to highlight the great opportunity this city provides for our city,” Mayor Jackie Espinoza said. Report at GrowthSpotter. “When we drive through this area and see that area, we’re definitely excited for what’s to come.”

The city purchased a 22-acre parcel last year to spur development in the Vine Street area, then solicited bids from developers.

Led by Capstack CEO Veronica Malolos and apartment developer Burke HedrickThe winning team proposed a mixed-use district called Idon Park over a five-year period that would include 630 mixed-income housing units, about 80,000 square feet of retail, offices and restaurants, a large event park, and an indoor sports complex. The master plan shows a large pond with fountains in the center of the project, surrounded by residential complexes and a park with a bandstand.

CapStrata was one of three proposals the city received for the redevelopment site, dubbed the “NoVi District” for North Vine. A selection committee made up of city staff and outside experts ranked CapStrata’s Edon Park concept above proposals from Skyview and Wendover Housing Partners.

The two factors that put the project above the competition were the purchase price and the proposed sports complex. City It paid $14 million for the 22-acre Kmart siteCity officials said that any offer below the purchase price will not be accepted. CapStrata offered $15 million, the highest amount among the three bidders.

The proposed 75,000-square-foot sports complex was a game-changer for the project, especially since the Kissimmee Civic Center is being demolished to make way for a new convention center. The facility will be two stories above a parking deck and will be designed with a multi-purpose arena to accommodate a range of indoor sports and activities, Hedrick said.

Malolos told the selection committee that she expected this to be the last element of the comprehensive program because it would be the most difficult to take advantage of.

The master plan calls for three phases, with more than 600 apartments, 80,000 square feet of retail and office suites, and a 75,000-square-foot indoor sports facility that could replace the Kissimmee Civic Center. (Site plan by VHB)

The master plan calls for 630 apartments to be rented, with 10% designated as affordable. Some buildings will have retail space on the ground floor. (Submitted by Cormia Design Group)

The retail buildings will be closer to Vine Street. (Submitted by Cormia Design Group)

The modern sports complex will have two floors above the podium car park. (Submitted by Cormia Design Group)

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The master plan calls for three phases, with more than 600 apartments, 80,000 square feet of retail and office suites, and a 75,000-square-foot indoor sports facility that could replace the Kissimmee Civic Center. (Site plan by VHB)

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