I don't know if anyone else has posted this yet or not, but plans are to build a condo near Animal Kingdom. This is NOT a Disney project. Check out the story below from the Orlando Business Journal daily update.
Orlando Business Journal - 1:17 PM EST Thursday
Developer planning condo hotel near Animal Kingdom
American Leisure Reedy Creek Inc. announced plans to develop a 500-room condo hotel on a 40-acre parcel located near Disney's Animal Kingdom. The land is not part of the Walt Disney World Resort.
American Leisure Reedy Creek, a subsidiary of American Leisure Holdings Inc., has purchased the company that owns the land in northern Osceola County. American Leisure Reedy Creek originally owned a 1 percent interest in Reedy Creek Acquisition Co. LLC when it formed that company with Stanford Financial Group Co. last July. It then exercised its option to buy the other 99 percent interest on Dec. 27.
The land consists of three contiguous parcels north of U.S. Highway 192 West, three-quarters of a mile from the entrance to Disney's Animal Kingdom. The property has about 29 acres of buildable land.
American Leisure says the project will include mid-rise condo buildings with a maximum of 522 condo hotel units. It will feature a water park with swimming pools and other resort amenities.
The company says the development of the Disney-area property is part of its overall plan to build and develop additional vacation resort properties in the Orlando market. American Leisure already is developing the Sonesta Orlando Resort, an $80 million, 972-unit project on U.S. Highway 27, between Interstate 4 and Highway 192. The first phase is set to open later this year.
The plan is designed to create projects for management and distribution through other subsidiaries, including Hickory Travel Systems Inc. of Saddle Brook, N.J., a travel services provider, and TraveLeaders of Coral Gables, a travel agency.
According to American Leisure, Reedy Creek Acquisition received a $7 million first mortgage from Bankers Credit Corp., which funded $3 million at the closing and has agreed to fund the balance of $4 million on or before March 31, subject to its receipt of third-party funding. The loan has a term of one year and bears interest at the prime rate plus 7.75 percent.
American Leisure used the initial $3 million to pay some of the purchase money loan owed to the original sellers, and the other $4 million of the loan will be used to fund pre-development costs and the balance of the purchase money loan in the amount of $1.4 million.
American Leisure (OTCBB: AMLH) is an integrated travel services distribution and destination development company based in Saddlebrook, N.J.
Orlando Business Journal - 1:17 PM EST Thursday
Developer planning condo hotel near Animal Kingdom
American Leisure Reedy Creek Inc. announced plans to develop a 500-room condo hotel on a 40-acre parcel located near Disney's Animal Kingdom. The land is not part of the Walt Disney World Resort.
American Leisure Reedy Creek, a subsidiary of American Leisure Holdings Inc., has purchased the company that owns the land in northern Osceola County. American Leisure Reedy Creek originally owned a 1 percent interest in Reedy Creek Acquisition Co. LLC when it formed that company with Stanford Financial Group Co. last July. It then exercised its option to buy the other 99 percent interest on Dec. 27.
The land consists of three contiguous parcels north of U.S. Highway 192 West, three-quarters of a mile from the entrance to Disney's Animal Kingdom. The property has about 29 acres of buildable land.
American Leisure says the project will include mid-rise condo buildings with a maximum of 522 condo hotel units. It will feature a water park with swimming pools and other resort amenities.
The company says the development of the Disney-area property is part of its overall plan to build and develop additional vacation resort properties in the Orlando market. American Leisure already is developing the Sonesta Orlando Resort, an $80 million, 972-unit project on U.S. Highway 27, between Interstate 4 and Highway 192. The first phase is set to open later this year.
The plan is designed to create projects for management and distribution through other subsidiaries, including Hickory Travel Systems Inc. of Saddle Brook, N.J., a travel services provider, and TraveLeaders of Coral Gables, a travel agency.
According to American Leisure, Reedy Creek Acquisition received a $7 million first mortgage from Bankers Credit Corp., which funded $3 million at the closing and has agreed to fund the balance of $4 million on or before March 31, subject to its receipt of third-party funding. The loan has a term of one year and bears interest at the prime rate plus 7.75 percent.
American Leisure used the initial $3 million to pay some of the purchase money loan owed to the original sellers, and the other $4 million of the loan will be used to fund pre-development costs and the balance of the purchase money loan in the amount of $1.4 million.
American Leisure (OTCBB: AMLH) is an integrated travel services distribution and destination development company based in Saddlebrook, N.J.
