Developer sees Grande Palisades as condo hotel
Fort Lauderdale developer and property manager BTI Partners is vowing to open the massive, vacant Grande Palisades resort near Walt Disney World as a condo hotel in 2016.
The 890-unit resort has been sitting vacant since it was built in 2008, but BTI and its investors with Westport Capital just bought additional acreage nearby. The company plans to start selling about 300 condo hotel units in the first half of 2016. After that, the remaining units will be finished and sold in stages, a project manager said.
“We’re sure that if we are the first big operator to open in that area west of Disney, this will be big success,” said Kevin Mays, a project manager for BTI. “BTI has made a significant investment there, and we will begin selling units in the 2016.”
In the meantime, Mays said, BTI is hiring an operating company for the resort. He declined to name any candidates, but he said it would be a large operator that has experience in condo-hotel operations. Some examples might be Benchmark Hospitality or Guest Services. The company should begin hiring dozens of people around the new year, he said.
BTI plans to rename the resort, but does not expect to have a major brand as a flag, he said.
Mays said the resort will use the new outlying properties for amenities and possible additional access to the resort.
About 10 miles west of Disney World, the property became subject to a $150 million foreclosure — one of the largest in Central Florida during the recession. The location is 15665 Grande Palisades
first
half of Blvd, with a Winter Garden postal address. The nearest big intersection is Hartzog Road and County Road 545 (Avalon Road). The area also was known as Lake Austin Preserve at one time.
A fund affiliated with Connecticut-based Westport Capital Partners bought the debt on the property, and won ownership in an auction last summer. BTI and Westport vowed to finish the construction at that time.
Grande Palisades was built by a team of developers led by Paul Oxley, formerly of Kissimmee. Oxley filed for bankruptcy and fled the United States after the project stalled during the recession. Thousands of investors sued over the collapse of the project.
BTI’s affiliate, Grande Palisades Property, bought the neighboring properties recently from a fund associated with Jacob Cherner’s CSG Investments of Plano, Texas. The $2.25 million sale includes two parcels — undeveloped — totaling about 47 acres, flanking the resort on the north and south ends.
Mays said the south parcel will be developed for amenities, including a possible lazy river, tiki bar and other typical resort features. He said there are no plans for the north parcel.
Meanwhile Oxley’s bankruptcy was officially closed recently. Many people who put original deposits on the resort units got pennies on the dollar in recovery efforts.
So far, the resort has one entrance off Avalon Road. Last summer, a representative of BTI said the plan for the property might require another entrance some day and that a spa, gym and restaurant were also possible features.
pbrinkmann@orlando sentinel.com or 407-420-5660