RoseArts District - New Urban Hub and $1.7B in Economic Impact in the Works for Orlando
Westside Capital Group, a real estate investment holding firm based in Miami, has submitted its plans to the city for a project we told you about in June which call for the redevelopment of a 128 acre dormant golf course in Orlando.
The 128-acre property is formerly associated with the Lake Orlando Golf Club, located at 4224 Clubhouse Road (MAP). The club closed in 2014 and has remained vacant since.
The golf course is located in the community of Rosemont, one of Orlando's first master plan developments. It was created in the early 1970s when MGIC Development Corporation purchased 750 acres of undeveloped land to create "a new town within Orlando" according to Orlando Sentinel.
Lake Orlando Land Owner, LLC, a qualified opportunity zone vehicle affiliated with Westside, acquired the golf course property in July 2019.
Rose Arts District - The Vision
The application to the City of Orlando lays out the vision for the project, calling it the RoseArts District.
The plan accounts for up to 65 acres of green space available for public use with new infrastructure, grocery stores, food markets, social seating areas, retail, public art, smart parking garages, shared bike paths, walking and running paths, sustainable construction and more according to its website.
The plan also includes creation of various community activation areas and public-use spaces, including a town center and other neighborhood commerce of up to one million square feet.
With a variety of luxury residences, the mixed-use redevelopment plan encircles the 183-acre Lake Orlando featuring 2,000 linear feet of waterfront, including a three-acre peninsula that extends into the lake. With art at its core and as a unifying theme of local expression and entrepreneurial spirit, the character of the RoseArts District "will instill a different kind of energy and spark resurgence in the neighborhood," according to Westside Capital Group.
“The overarching vision for the RoseArts District is to transform Rosemont into a neighborhood that reflects the dynamic, high-growth and inspiring community the greater Orlando area has become,” said Jakub Hejl, president of Westside Capital Group. “Through the collective feedback of residents and our team, we have built a plan that truly reveals the culture, character and priorities of the community as well as enhances the value of the entire area. We will continue listening to the community and the city, and we are very grateful for the ongoing dialogue that has been shaping the project.”
All the vacant developable land is located within a designated Opportunity Zone. Opportunity Zones enable developers to get preferential tax treatment in exchange for developing in economically-distressed areas. The zones are designed to spur economic development and job creation while at the same time lessen expenses for developers.
Also, there are many types of businesses that are not allowed in Opportunity Zones including golf course, country club, massage parlor, "hot tub facility," suntan facility, racetrack or other facility used for gambling, or any store the principal business of which is the sale of alcoholic beverages for consumption off premises.
Economic Impact Study
Orlando-based Community Solutions Group conducted a fiscal and economic impact study, which found a significant positive community impact is expected as a direct result of the project. Highlights of the project include:
Economic Impact: The one-time investment in constructing the project is expected to generate a total $1.7 billion in gross economic output.
Jobs: The study anticipates 13,100 total temporary jobs will be created providing $752 million in wages and salaries over the 10-year construction period and more than 3,100 direct, indirect and induced permanent jobs earning nearly $115 million in wages each year.
Property Taxes: Property taxes to all local taxing jurisdictions are estimated to increase by nearly $27 million on an annual basis upon the full build-out of the project and without adjusting for inflation growth. These figures include the City of Orlando annually receiving $9.5 million, Orange County annually receiving $6.4 million, and State and Local school funding collecting $10.2 million each year.
Th RoseArts District is described as a catalyst for revitalization in the greater Rosemont neighborhood. Currently, the community of Rosemont, with a population of just under 10,000, is composed of a variety of residential uses, including single-family homes, townhomes, condos and apartments. Community commerce centers, public-use areas and modern amenities are currently missing in the neighborhood especially since 2014.