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Kissimmee's iconic Old Town sold to new owners
A local Florida family is now the owner of the Old Town entertainment district in Kissimmee after purchasing the property for nearly $24.5 million, promising to invest in the venue's future while keeping its nostalgic appeal.
KISSIMMEE, Fla. - The Old Town entertainment complex in Kissimmee has been sold to new owners for nearly $24 million. Those owners have promised to invest in the complex's future, while keeping its nostalgic appeal.
Kissimmee's Old Town entertainment district sold
What we know:
Todd and Radha Rambilas, owners of R-S Equity Services, bought the Old Town property for almost $24.5 million last week, according to Osceola County records.
Their business helps with property management, leasing, consulting, and brokerage, according to its Facebook page.
What they're saying:
"As a local, family-owned company, this acquisition means more to us than simply purchasing a property. We live here in Central Florida; we’re raising our family here, and Central Florida is home to us.
Old Town has been part of the Kissimmee and Central Florida community for decades. Generations of families have walked these streets, attended the car shows, enjoyed the rides, supported the businesses, and created memories here. We understand the responsibility that comes with taking ownership of a place with that kind of history.
Our vision is not to change what makes Old Town special, but to align with the drive and commitment of its leadership."
Making changes, but honoring the history
What's next:
The new owners said in their statement that people will begin to see some investments and improvements soon, specifically mentioning:
- Improved common areas
- New experiences
- Refreshed spaces
- New businesses and attractions
"Our mission is to preserve the nostalgic spirit of Old Town while creating a vibrant, polished destination where exceptional local businesses, independent restaurateurs, artisans, and makers can thrive. Through thoughtful curation, elevated standards, and memorable experiences, we aim to give visitors an authentic place to shop, dine, explore, and create lasting memories."
What we don't know:
Specific changes were not shared.
The history of Old Town Kissimmee
Local perspective:
Old Town Kissimmee opened in December 1986. The 18-acre entertainment complex is home to more than 70 businesses, shops, restaurants, and attractions.
It underwent a major renovation in 2019, including the installation of an 86-foot Ferris wheel. It's home to numerous events, including the longest running weekly car show and cruise in the country, according to its website.
Charlotte Thompson, whose family runs the Portrait Gallery at Old Town, said the grand opening was Dec. 16, 1986.
"We wanted something in the area, and, it looked like it was going to be a great establishment," Thompson told FOX 35.
Over the years, the venue has seen its ups and downs and a lot of changeovers in ownership, Thompson said. She added that business has been slower since the COVID-19 pandemic.
The Source: This story was gathered by FOX 35's Matt Trezza using a statement from the Rambilas on the purchase if Old Town Kissimmee and an interview with Charlotte Thompson, who owns the Portrait Gallery at Old Town, at the complex.