US Bankruptcy AuctionMultifamily Development | Kissimmee, Florida

NOTE: Auction Date has been extended to Wednesday, May 14th and the Bidding will begin at $6,000,000.00.

Offering Overview

Fisher Auction Company and HREC Investment Advisors, as sole and exclusive agents for Primeland Real Estate Development LLC (“Seller,” “Developer,” “Owner,” “Debtor”) – under the auspices of the United

States Bankruptcy Court for the Middle District of Florida, Orlando Division – are pleased to offer for sale the fee simple interest in the fully entitled/partially constructed “Sycamore Resort” (“Property”),

a 378-unit condominium development located at 2691 Livingston Rd, Kissimmee, FL 34747.

Osceola County’s approval of the Owner’s proposed Site Development Plan (“SPD”) for the Project was conveyed via letter of approval dated July 17, 2020. Subsequently, a site plan revision was approved in

September 2021.

An unrecorded Declaration of Condominium draft and other condominium documents for the project are available for review in the draft condominium documents folder in the online due diligence room.

As envisioned by the Developer, the market positioning for Sycamore Resort was intended to be a “condominium hotel” with associated resort amenities. As such, the completed and fully furnished condominium units were to be sold to individual investors for their personal use and/or rental to third parties, and the management of the “hotel” operation was to be provided for by a professional management company.

To date, there have been no closings on any individual condominium units. To this point the Debtor, and thus the court, has full control of the real property associated with the Project.

The Property is located in the “Four Corners/Kissimmee West” section of unincorporated Osceola County in the southwest sector of the overall Orlando market area – just south of Disney World along the “192 Corridor.” Four Corners includes such developments as Champion’s Gate and Reunion.

Property Overview

As marketed by the Developer, the Property is a “Luxury Condominium Hotel” development featuring the 378-living units, a clubhouse, swimming pool and pet hotel, along with other amenities.

Units: 378

Parking Spaces: 378 (est.)

Features & Amenities: Clubhouse with restaurant, gym, lounge area and welcome center, Swimming pool

Lot Size: 9.85 Acres

Street Frontage: 662

Gross Sq. Ft. (All Buildings): +/- 563,000

Buildings;

Residential (7 Stories): 6 | Clubhouse (1 Story): 1 | Pet Hotel (1 Story): 1

Approvals & Permits;

Site Dev. Approval Date: July 2020

Site Preparation Permit Date: November 2020

Foundation Permit Date (Initial): March 2021

Construction Permit Date (Initial): November 2020

Construction Pause Date: July 2024

Construction;

Footers: Poured Concreate | Exterior Walls (Floors 1-2): Concrete Block Exterior Walls (Floors 3-7): Steel Frame | Interior Walls: Steel Frame

Utilities;

Water & Sewer: Toho Water Authority | Electricity: Duke Energy Natural Gas: TECO | Cable: Spectrum

In Place Improvements Description

In general, the in-place improvements/work-in-progress includes the following:

• Rough and finished grading of the entire site.

•Retention walls along the southern perimeter and along the southern side of the clubhouse pad.

•Privacy fencing on three sides of the site, including along the street frontage.

•Installation of primary utility runs/improvements from the street on to the site.

• Distribution of utilities – including water, electricity, natural gas, sewer, stormwater –

to each of the building pads.

• Transformers located at each of the seven building pads.

• Graded roads and a system of curbs and gutters.

• Footer work in progress on two residential buildings (B and E).

• Partially constructed guard gate at site entry point.

• Partially constructed Buildings A & F (see images).