Sycamore Resort Kissimmee Redevelopment: Miami Investor Plans $9.5M Revival

A New Chapter for Sycamore Resort

October 6, 2025

Quick Highlights

• Unity Stone Group purchased the defunct Sycamore Resort for $9.5 million after the previous developer filed for bankruptcy.

• The site includes two unfinished buildings, part of a larger six-building condo-hotel plan.

• Lender financing prohibits demolition of existing structures.

• New ownership is considering completing the project as originally planned or converting it to multifamily housing.

• A local co-developer is being sought to help guide and complete the development.

(Courtesy of HREC Investment Advisors)

Could this eyesore become Osceola County’s next big comeback story? After sitting idle and unfinished, the Sycamore Resort in Kissimmee is finally seeing new life — and possibly, a whole new future.

The name “O-Line” gives a subtle nod to both “Orlando” and the nearby rail line. And while the train tracks aren’t going anywhere, the plan is to complement them with a lush, inviting path designed for locals to bike, walk, jog, or just relax.

From Bankruptcy Blues to Big Dreams: A $9.5M Power Move

The once-buzzed-about Sycamore Resort — a sprawling 10-acre condo-hotel project off Livingston Road — hit a wall when its original developer, Primeland, filed for Chapter 11 bankruptcy last year. The development stalled with just two buildings partially completed and over $30 million in debt left behind. Not exactly the vacation destination investors had in mind.

Enter Ash Chukajian, founding partner of Unity Stone Group, a Miami-based real estate investment firm known for scooping up distressed assets. He just dropped $9.5 million to buy the site, unfinished towers and all.

“It’s an eyesore. We completely understand,” said Chukajian. “But we see potential — and we’re ready to fix it.”

So, What’s Actually on the Property Right Now?

Right now, the Sycamore Resort site is a half-finished development that includes two incomplete buildings out of a planned six. The original vision was ambitious: a collection of seven-story condo-hotel buildings centered around a 25,000-square-foot amenity hub called The Sycamore Club. There was even a pet hotel included in the plans — a nod to vacationers who don’t want to leave their furry friends behind.

Though the site has sat untouched since 2022, Chukajian says the existing structures are still in excellent condition. And that’s important, because there’s a catch: Unity Stone Group’s lender, Fuse Group, included a clause in the financing agreement that prevents any demolition of those partially built towers. In other words, what’s there now stays — at least for the foreseeable future.

(Courtesy of Primeland Development)

Condo-Hotel or Multifamily? The Future’s Still in Flux

The big question is what happens next. Unity Stone Group hasn’t committed to continuing with the original condo-hotel model just yet. The original units were marketed largely to South and Central American investors through the EB-5 visa program, but changes to immigration law and pandemic-related funding issues brought the sales effort to a halt.

Now, Chukajian and his team are weighing their options. One path is to revive the existing plans and move forward with the condo-hotel concept as originally designed. The other is to reposition the site as a multifamily apartment community — something the booming Central Florida housing market could definitely use more of.

Either direction is on the table. The buildings could be finished out as apartments without major structural changes, and much of the original team, from architects to contractors, is still willing to jump back in and see the project through.

A Smarter Approach: Rebuilding Without Starting Over

Taking over a stalled project comes with its own set of headaches. According to Chukajian, sometimes starting from scratch is actually easier than trying to work with someone else’s vision. But in this case, Unity Stone Group is trying to make the best of what’s already there.

“When you take on someone else’s project, you have to redo everything,” Chukajian explained. “And sometimes ground-up construction is easier than redoing, kind of working with what’s there to what your needs would be.”

Still, the team is optimistic. They’re already collaborating with the county and working closely with the original architect. If things go well, they may not just salvage the project — they might make it even better than originally planned.

(Courtesy of HREC Investment Advisors)

Local Developer with Orlando Expertise

There’s one more piece to this puzzle: Unity Stone Group is based in Miami. And while they’re experienced in development and repositioning distressed properties, they’re not local to the Orlando-Kissimmee area. That’s why they’re actively looking for a local co-developer to join forces with.

Having a partner with on-the-ground knowledge of Osceola County could be the key to moving the project forward smoothly. From zoning approvals to understanding what kind of housing is most in demand, a local expert could make all the difference.

“We’re working with the county, and we’re working with the current architect that was on the job prior to this project,” Chukajian said. “That would be a good, positive thing for us — to find a co-developer in Orlando to develop the project with us.”

FAQ: What’s Going On With Sycamore Resort?

Where is Sycamore Resort located?
The site sits off Livingston Road in Kissimmee, close to Orlando’s theme parks and major tourism corridors.

Why did the original project fail?
The project struggled with post-pandemic funding issues and changes to the EB-5 visa program, which had been its primary investor pipeline.

Are the buildings still usable?
Yes. Despite sitting idle since 2022, the existing structures are reportedly in excellent condition and suitable for continued development.

Is the project staying a condo-hotel?
That hasn’t been decided yet. Unity Stone Group is exploring both condo-hotel and multifamily options, depending on what makes the most sense financially and for the local market.

When will construction resume?
No official timeline yet, but pre-application meetings with Osceola County are already underway. If all goes well, redevelopment could begin as early as 2026.

Why Choose Jared Jones?

As a top real estate agent with nearly 4,000 homes sold and over 20 years of experience in the Florida real estate market, I have the expertise needed to help you navigate today’s evolving landscape. Whether you’re looking to buy or sell, my deep understanding of market trends and personalized approach will provide you with the insights and strategies required for success.

Best Realtor in Kissimmee - Reach Out Today!

If you’re ready to make a move in Florida’s real estate market, don’t hesitate to reach out. Contact Jared Jones at 407-706-5000 (call or text) or email info@jaredjones.com for professional guidance and personalized service that will help you achieve your real estate goals.