Orlando resort project gets $55.25 million boost from bond issue

Fort Lauderdale-based BTI Partners and another firm are finishing the resort near Disney World

TRD MIAMI /
Jul.July 22, 2017 01:00 PM

The Grove Resort & Spa Orlando

UPDATED 8:15 a.m. July 23 – Fort Lauderdale-based developer BTI Partners got a financial boost from a $55.26 million tax-exempt bond issue to fund construction work at a resort near Walt Disney World.

BTI Partners is part of a joint venture finishing construction of the Grove Resort & Spa Orlando, a development that will have 878 condo-hotel suites along Lake Austin.

Proceeds from the bond issue are expected to fund construction of a water park at Grove Resort & Spa plus parking garages and infrastructure work associated with the 106-acre development.

Miami-based FMSbonds, Inc., raised the tax-exempt bond financing for the Grove Community Development District, an area that includes the Grove Resort & Spa. The bonds are backed by special assessments on land within the district.

The Grove Resort & Spa at 15665 Grand Palisades Boulevard is substantially built. It originally was developed as a timeshare property known as Grand Palisades. A previous developer suspended work on the resort’s development due to legal and financial problems and failed to open it.

BTI Partners and its joint-venture partner Westport Capital acquired the resort property at an auction in 2014 and started finishing its development in April 2016.

BTI and Westport are developing the Grove Resort & Spa in phases. They opened the first phase in March.


Related Articles

arrow_forward_ios
Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon

Jeffrey Epstein (Credit: Daily Beast | Getty)

Jeffrey Epstein commits suicide by hanging himself in his Manhattan jail cell

Miami developer Dan Kodsi plans large St. Petersburg project that could cost $2B

Miami developer Dan Kodsi plans large St. Petersburg project that could cost $2B

South Florida firm buys Sunrise apartment complex for $20.2M

South Florida firm buys Sunrise apartment complex for $20.2M

Home owned by late Miami Marlins pitcher Jose Fernandez is in foreclosure

Home owned by late Miami Marlins pitcher Jose Fernandez is in foreclosure

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

PB Gardens condo community seeks yet another contractor to repair its buildings

PB Gardens condo community seeks yet another contractor to repair its buildings

?

Pompano upzones Ocean Boulevard site for 19-story condo next to city park

arrow_forward_ios