Sternon Worldwide, the international real estate development arm of Dubai-based developer Sternon Group, is set to start work on its $150 million Fortune Star project, located close to Disney World in Orlando, Florida.
Fortune Star includes three towers that will deliver 550 luxury apartments in three phases at Kissimmee, the developer said in a statement.
It added that the first phase of the project will see the development of 250 apartments, 80 of which have already been sold to 40 buyers under the EB-5 investor immigration programme that allows investors to obtain permanent US residency and a Green Card, on the condition of a minimum investment of $500,000 that creates at least 10 jobs in the United States.
Hussaini F Nalwala, managing director of Sternon Group, said: “The land for the development of the project has been acquired, following which all the permits have been obtained and we expect the main construction activities to start in April. We expect to deliver the project in two and a half years’ time.
“Located just a few minutes away from Disney World in Kissimmee, Florida, Fortune Star offers a plush lifestyle with comfortable living.”
The first phase of the development is a 11 storey building overlooking the Magic Kingdom of Disney World. It features a two level shopping area, three storey parking space and seven floors of 1- and 2-bedroom apartments.
The second phase of the development is an 18 storey building while the third phase is a 20 storey building.