GreenBarn, Skyview to Develop Orlando-Area Community
This represents the first phase of the Allen, which could grow to 1 million square feet at full build-out.
Aerial view of Kissimmee, Fla. Image by Javier_Art_Photography/iStockphoto.com
GreenBarn Investment Group and Skyview Cos. are preparing to break ground on The Allen, a 312-unit community, in a public-private partnership with the city of Kissimmee, Fla. The developers recently acquired eight acres of land for the project and have secured a $52.7 million construction loan from Sumitomo Mitsui Trust Bank.
Urban Development Corp. and Rithm Capital Corp., of which GreenBarn is an affiliate, have each invested in the project. Kissimmee’s government held a competitive bidding process to select a project that would best serve the surrounding community, with GreenBarn and Skyview’s proposal ultimately winning out. The developers are expecting to start construction on The Allen immediately.
The property will be located across the street from the HCA Florida Osceola Hospital, which is located within Kissimmee’s Medical Arts District, and within walking distance of the city’s downtown and its retail and restaurant options and cultural attractions. Peter Friedman, vice president of GreenBarn Investment Group, said in prepared remarks that Kissimeee has been experiencing strong housing demand, partly due to its proximity to the region’s major employers.
Expanding beyond the Northeast
While the 312-unit project represents a first phase, the remaining land in the parcel has the potential for another 300 multifamily units, as well as a medical office building that would be conveniently located across the street from the HCA Florida Osceola Hospital. According to GreenBarn, the site could accommodate up to approximately one million square feet across three phases of development.
The Allen is part of GreenBarn’s expansion beyond the Northeast. The firm, which has offices in New York and New Jersey, mostly owns assets in New York, with other Northeastern projects located in Boston, Washington, D.C., and New Jersey. However, the company has been expanding beyond these metros, into the California market and, with this project, the Orlando area.
