New York-based Developer Expands in Orlando with Fifth Self-Storage Facility
Island Estate Group, headed by Shawn and Nicole Kruk, is adding a fifth self-storage facility to their Orlando footprint. The N.Y.-based developer's ambitious plan includes the construction of a new apartment complex as well.
New York-based developer Island Estate Group (IEG), led by Shawn and Nicole Kruk, is embarking on its fifth self-storage project, continuing its expansive endeavors in the Orlando market. According to a recent report by journalist Laura Kinsler of GrowthSpotter, IEG purchased a 10.2-acre parcel just north of Poinciana High School for $3.2 million, with plans for a self-storage facility and, potentially, an apartment complex.
IEG, known for its Cube Smart self-storage facilities in the Reunion, Davenport, and Ocoee areas, plans to replace the newly acquired property with two lots. A 1.9-acre portion will host a 43,361-square-foot self-storage facility, with the rest reserved for an apartment complex. With its Employment Center Perimeter zoning, the parcel allows up to five stories of uses and buildings.
Shawn Kruk and Jean Abi-Aoun from Florida Engineering held a pre-application meeting with Osceola County planners. Framing the vision for the new acquisition, Shawn mentioned the possibility of building around 250 apartments in 3 or 4-story buildings. The conceptual plan earmarks the northwest corner for self-storage, placing the building front along Octavia Boulevard and parking at the rear.
Last week, IEG applied for a site development permit for the self-storage facility, simultaneously requesting a second pre-application meeting with the county regarding a proposal to increase the apartment complex's density to as many as 350 units.
The forthcoming plan features three 5-story apartment buildings, a separate 7,500 sq.ft clubhouse, parking, and associated infrastructure on the eight-acre site. The county will require a traffic study for the apartments and might call for a signal at Octavia Boulevard.
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