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Miller proposing multibillion-dollar resort community: At buildout, it would include more than 9,000 units. - August 2005
By: Bob Mervine, Staff Writer
KISSIMMEE -- Robert Miller is on the move again in Osceola County.
The controversial developer is partnering with several major companies to develop The Legacy Resort, a $3.5 billion-plus vacation home community.
For years, he has been tied to the county's plans to develop a convention center -- but Miller now has put together a package for his strategically located 800-acre-plus parcel that surrounds and includes the land once slated to house the center.
Miller also has an adjoining, landlocked parcel owned by the Bronson family under option. If closed on in September, the additional Reserve at Legacy Resort parcel would add another 600 acres and as much as $800 million in value.
Plans call for several family vacation home communities, a 1,500-room convention hotel, an 18-hole golf course, some retail and restaurant space, and an environmental center aimed at attracting ecotourism groups.
"That's music to my ears," says Commissioner Bill Lane, one of the five Osceola County commissioners scheduled for a presentation from Miller this week about his plans. "It's about time we got a major capital project to benefit the ( U.S. Highway) 192 and Osceola Parkway corridors.
The proposed project is good news on another front, says Jim Murphy, chairman of Osceola's Tourist Development Council. "I see a tremendous impact in our tourism tax, and 99 percent of it goes to our bottom line."
Miller estimates the entire project will have a $4.1 billion market value when completed, with a three- to five-year buildout. The cost of the infrastructure, water and sewer, and roadways is being funded by $34.7 million in bonds, sold by the Osceola Trace Community Development District last week and underwritten by Osceola County.
Miller says he paid about $600 million for the property, which is mortgage free and which he estimates is currently worth $1.5 billion. He is involved in ongoing litigation with FaulknerUSA, the Austin, Texas, company that at one time had a bid to build the convention center. FaulknerUSA contends it holds a 50 percent interest in the parcel designated for the center.
'A nice substitute'
Included in the plans for The Legacy is a 140-acre convention hotel site comparable in size to the Marriott World Center and, most likely, managed by one of the Starwood Hotels & Resorts Worldwide brands such as Westin or Sheraton, says Miller.
The combined properties are situated west of Kissimmee and east of Walt Disney World. State Rep. Randy Johnson calls the parcel "a property earmarked for greatness."
"No one else is able to control this much land in the area," says Walt Beeman, division executive vice president for US Homes and one of Miller's partners.
Besides US Homes Corp., a subsidiary of Miami-based Lennar Corp., the other partners include Daytona Beach-based Intervest Construction Inc., doing business as ICI Homes, and Sumner Kramer Investments Inc.
What sets the ICI community apart is its planned environmental center, to be developed with Safari Todd Wildlife Productions, a Christmas-based company that operates the Jungle Adventures attraction.
ICI is setting aside a 4-acre parcel to house an ecotourism center, geared to attract tourists interested in learning about Florida's wildlife and environment.
They plan to work with a national group tour company, Charlottesville, Va.-based World Strides, that specializes in booking school group tours.
The Kramer company, run by Sumner Kramer and his son Stuart, have developed 12,500 lots of residential real estate and 344 commercial developments in Central Florida since 1983. They plan to develop 61 acres with a minimum of 700 units and at least $200 million in investment.
"We're looking at several concepts, including the active adult project," says Stuart Kramer.
US Homes' Beeman says his firm has committed, as partners with Miller, to develop 90 acres with 470 town homes and 484 condos with the full range of amenities, built around a nautical theme. He estimates the project at a $400 million investment. "We expect to be selling the units by early 2007," says Beeman.
ICI Homes, a 25-year-old firm ranked as the 57th-largest home builder in Florida, is planning to be among the first builders of fractional home product, a program that fits between whole ownership and time share, but allows broker participation.
Charlie O'Sullivan, ICI's division president, plans 144 town homes and 720 condo units in five-story structures on 100 acres, in partnership with Miller, along with a 30,000-square-foot clubhouse and the usual range of pool, spa and recreational amenities. The town houses would have a flexible design, built around a series of courtyards and pools, that would allow for multigenerational groups with additional bedrooms available.
Johnson lauds Miller for his out-of-the-box thinking in master planning The Legacy. "It's an island in a sea of mediocrity," Johnson says. "Rob has given it a thoughtful diversity that offsets the monolithic tourist corridor along (Highway) 192 that did not have much vision put into it."