Kissimmee Approves $272M Redevelopment of Former Kmart Site

CAPSTRATA

Kissimmee is on the move and one of its most recognizable properties is set for a complete transformation. The city has officially chosen CapStrata to redevelop the former Kmart site into a vibrant mixed-use district that will bring new homes, dining, shops, and community spaces to the area.

💡 What’s Coming to Kissimmee

The winning $272 million proposal, led by Capstack CEO Veronica Malolos and developer Burk Hedrick, is called Edon Park. This project is designed to be more than housing,  it’s a destination.

Here’s what’s planned:

  • 630 mixed-income apartments (with 10% set aside as affordable units)

  • 80,000 square feet of retail, dining, and office space

  • A large event lawn for festivals, concerts, and movie nights

  • A 75,000-square-foot indoor sportsplex to replace the Kissimmee Civic Center

  • A central park with fountains, a bandstand, and civic spaces

  • Amenities like pools, coworking spaces, public art, and chef-driven restaurants

🏡 A Community-Centered Vision

Malolos emphasized that the project is personal for her team, all longtime Central Florida residents who understand the area’s needs. The goal is to make Edon Park a place to live, work, and gather, not just a set of apartment buildings.

City leaders agreed. Kissimmee’s selection committee scored CapStrata’s plan the highest, praising its balance of residential, commercial, and recreational features.

📈 Why This Matters for Real Estate

For homeowners, buyers, and investors, projects like Edon Park can have a huge impact on the local housing market and property values:

  • Stronger demand: New retail, dining, and entertainment options make the area more desirable.

  • Job creation: Retail and sports facilities bring employment opportunities that draw more residents.

  • Increased property values: Proximity to vibrant mixed-use developments often boosts nearby real estate.

  • Lifestyle appeal: Walkability, events, and dining options attract both families and young professionals.

⏳ What’s Next

The master plan calls for a five-year development timeline, built in phases. While ambitious, the city is confident the team’s experience and commitment will make Edon Park a reality.

For locals, this redevelopment represents more than a construction project, it’s a long-term investment in the community and a sign of Kissimmee’s growth as a hub for living, leisure, and business.

🌟 The Bottom Line

The former Kmart site in Kissimmee will soon become Edon Park, a $272M mixed-use development with housing, retail, dining, and a sportsplex. This project promises to energize the area, enhance property values, and bring new opportunities to residents and investors alike.

📞 If you’re considering buying, selling, or investing in Kissimmee or the greater Orlando area, now is the time to position yourself ahead of this growth. Let’s talk strategy!

Michelle Baydemir
Broker/Owner – Vacay & Co. Real Estate
📧 [email protected]
📱 321-333-1338
🌐 www.vacayreflorida.com