Old Town Kissimmee Has New Owners: What the $24.5 Million Sale Means for the U.S. 192 Corridor
Old Town, the Kissimmee entertainment district that has anchored West Irlo Bronson Memorial Highway since 1986, has sold to a Central Florida family for nearly $24.5 million. The new owners plan to reinvest in the 18-acre property as it approaches its 40th anniversary, and it is not the only big bet being placed along U.S. 192 right now.
Old Town’s neon entrance and 86-foot Ferris wheel light up West Irlo Bronson Memorial Highway at dusk. Conceptual visual; some details are stylized.
Image: Jared Jones Team (AI-generated for conceptual purposes)
What to Know
The Old Town sale in brief
A 40-year-old Kissimmee landmark changes hands, with owners who say they plan to invest rather than redevelop.
Nearly $24.5 million. Todd and Radha Rambilas, owners of R-S Equity Services, bought the 18-acre entertainment complex in September 2026.
Preserve, then polish. The plan centers on upgraded common areas, refreshed spaces and new attractions, while keeping Old Town’s nostalgic character.
40 years in December. Old Town opened on December 16, 1986, and still hosts what is billed as the nation’s longest-running weekly car show.
Who bought Old Town Kissimmee? Todd and Radha Rambilas, a Central Florida family and owners of R-S Equity Services, bought Old Town for nearly $24.5 million in September 2026. The 18-acre entertainment district on West Irlo Bronson Memorial Highway (U.S. 192) stays open, and the new owners say they plan to invest in upgrades rather than redevelop it.
According to reporting by Matt Trezza for FOX 35 Orlando, the property includes more than 70 shops, restaurants and attractions, anchored by the 86-foot Ferris wheel added during a 2019 renovation. GrowthSpotter also covered the owners’ pledge to keep investing in the district.
What do the new owners plan for Old Town?
The Rambilas family describes its mission as keeping the district’s nostalgic spirit intact while making it a more polished, vibrant destination. In practical terms, that means improving common areas, refreshing tired spaces, adding new experiences and recruiting new businesses and attractions.
That approach matters. Old Town saw slower business after the COVID-19 pandemic, and a local owner committed to reinvestment is a very different outcome from a sale that clears the site for something else. The district’s brick promenades, candy and souvenir shops, arcade and family rides are staying.
Why is Old Town’s car show such a big deal?
Every Saturday night, classic cars line the lots at Old Town for a car show and cruise that has become a Kissimmee tradition. The event is widely described as the longest-running weekly car show in America, and it draws locals as much as tourists. Special events like VetteFest, set for Saturday, October 3, 2026, add to the calendar.
Classic cars gather for Old Town’s Saturday night cruise, a longtime Kissimmee tradition.
For a buyer weighing Kissimmee, this is the kind of detail that rarely shows up in a listing but shapes what it feels like to live here: a free, recurring community event that has outlasted ownership changes, a pandemic and years of change along the corridor. In his Orlando Living breakdown of Kissimmee, Jared lists Old Town and neighboring Fun Spot America among the everyday family perks locals get, alongside Lake Toho, Gatorland and the theme parks down the road.
What else is happening along U.S. 192?
Old Town’s sale lands as a much larger project takes shape a short drive west. Ovation is a planned billion-dollar mixed-use entertainment district on the 77-acre former Orlando Sun Resort site at the northeast corner of Interstate 4 and U.S. 192, across from the entrance to Celebration. After two decades as a vacant eyesore, the old resort property changed hands in January 2026 and demolition has started, a milestone Jared highlighted in his recent Orlando Living video on Osceola County growth.
As Florida Trend reported in March 2026, the plan calls for about 670,000 square feet of experiential retail, three hotels with roughly 740 rooms, residential condos, and live music, comedy and bowling venues. Osceola County approved incentives including up to $6.5 million in demolition reimbursement and up to $10 million in tourist tax reimbursement over 20 years.
A rendering of the pedestrian plaza planned at Ovation, the mixed-use district replacing the former Orlando Sun Resort. Conceptual rendering only; the final design may change.
Image: Ovation Orlando
Why is Osceola County’s growth story bigger than tourism?
Ovation is one of several projects Jared tracks across what he calls Osceola South: Kissimmee, Poinciana, St. Cloud and the land around East Lake Toho. The biggest driver is NeoCity, the 500-acre semiconductor district Osceola County launched in 2021 in partnership with UCF, the University of Florida, Valencia College and IMEC. In 2026, South Korean firm ELSPES committed to a roughly $470 million world headquarters there, with about 600 jobs averaging close to $90,000 a year.
Access is the other half of the story. Jared points to the $80.5 million widening of Poinciana Boulevard from two lanes to four, the Poinciana Parkway extension, and the planned Southport Connector expressway to Florida’s Turnpike as the projects most likely to ease the commute that has kept south Osceola prices lower.
Jared breaks down NeoCity, the Ovation redevelopment and the road projects reshaping south Osceola County.
Video: Jared Jones, Orlando Living on YouTube
The U.S. 192 corridor by the numbers
Two very different bets on the same highway: one family reinvesting in a 40-year-old landmark, and a developer rebuilding a site that has sat closed since 2012.
Is Kissimmee still cheaper than Orlando?
Yes, by a meaningful margin. In his Kissimmee market breakdown, Jared puts the citywide median sale price around $360,000, well below the Orlando metro median near $455,000, and estimates costs run roughly 20 percent lower than many closer-in Orlando suburbs. Entry-level single-family homes start in the mid-$200,000s, while three- and four-bedroom move-up homes typically run $300,000 to $400,000.
Location helps explain the appeal. Kissimmee sits about 15 minutes from Disney’s east entrance, roughly 25 minutes from Orlando International Airport and about 30 minutes from downtown Orlando, with Florida’s Turnpike, I-4 and the Osceola Parkway all close by. Jared also notes that about a quarter of current listings have no HOA, while many newer communities carry CDD fees of $100 to $200 a month to pay for infrastructure.
Jared walks through Kissimmee’s zip codes, home prices, new communities and downtown projects, including Old Town and the U.S. 192 corridor.
Video: Jared Jones, Orlando Living on YouTube
A light real estate read on the Old Town sale
For neighborhoods along the West U.S. 192 corridor, including the communities off Old Lake Wilson Road, Poinciana Boulevard and the Celebration side of I-4, the takeaway is stability. A local owner reinvesting in Old Town keeps a familiar anchor in place, and the Ovation project signals that developers see long-term value in this stretch of highway.
When a local family buys a landmark to reinvest in it rather than redevelop it, that says a lot about how they see the next decade in Kissimmee. For buyers, a corridor that is being improved rather than abandoned is worth paying attention to.
As always, the micro-location matters. Homes close to U.S. 192 trade convenience for more traffic and tourist activity, while subdivisions a few turns off the highway get the access without the bustle.
The Takeaway
Old Town is staying Old Town. The Rambilas family paid nearly $24.5 million for the 18-acre district with a plan to refresh common areas, add attractions and preserve the nostalgia that keeps locals coming back for the Saturday car cruise.
Watch the upgrades roll out around the December 2026 anniversary, and keep an eye on Ovation to the west. Together, they point to a U.S. 192 corridor that is being reinvested in, not left behind.
FAQ
Who bought Old Town Kissimmee?
Todd and Radha Rambilas, owners of R-S Equity Services, bought Old Town for nearly $24.5 million in September 2026. They are a Central Florida family and say they plan to invest in the property.
Is Old Town Kissimmee closing?
No. Old Town remains open, and the new owners plan to improve common areas, refresh spaces and bring in new businesses and attractions while preserving its nostalgic character.
Where is Old Town Kissimmee?
Old Town is at 5770 West Irlo Bronson Memorial Highway (U.S. 192) in Kissimmee, in Osceola County, a few miles east of Interstate 4 and the Walt Disney World area.
Does Old Town still have the Saturday night car show?
Yes. Old Town hosts a Saturday night car show and cruise, often described as the longest-running weekly car show in America, plus special events such as VetteFest on October 3, 2026.
What is Ovation Orlando?
Ovation is a planned mixed-use entertainment district on the 77-acre former Orlando Sun Resort site at I-4 and U.S. 192 in Kissimmee. Plans include about 670,000 square feet of retail, three hotels, residential condos, and live music, comedy and bowling venues.
Is Kissimmee cheaper than Orlando?
Generally, yes. Jared Jones estimates Kissimmee’s median sale price at around $360,000 compared with roughly $455,000 for the Orlando metro, with entry-level homes starting in the mid-$200,000s and overall costs about 20 percent lower than many closer-in Orlando suburbs.
External Links & Related Reading
For readers who want to review the reporting and the projects behind this story, these are the key references.
- FOX 35 Orlando: New owners buy Old Town Kissimmee complex for $24 million (by Matt Trezza)
- GrowthSpotter: New owners pledge more investment in Kissimmee’s Old Town
- Positively Osceola: Old Town Kissimmee begins new chapter as Rambilas family takes ownership
- Florida Trend: From the Ruins (Ovation redevelopment)
- Meyers Group: Ovation project page
- Osceola County: $470M semiconductor investment at NeoCity with ELSPES
- Orlando Living with Jared Jones: Why is Kissimmee FL 20% Cheaper Than Orlando?
- Orlando Living with Jared Jones: Bigger Than Disney? NeoCity’s $470M Boom
- Old Town Entertainment District: Official Website
Thinking about a move near Kissimmee?
Corridor stories like Old Town and Ovation say a lot about where an area is heading. When a move is on your radar, local context matters.