Oviedo on the Park is a master-planned 50-acre development currently under construction near the northeast corner of Alafaya Road and Mitchell Hammock Road. The project will accommodate 2,500 residents and feature a mix of 1,200 homes and rental units, plus more than 100,000 square feet of retail and restaurant space. The development will also have a new park and lake at the center of the community, as well as an amphitheater for local events.

Oviedo on the Park will give the community’s residents a distinct retail shopping experience comparable to Winter Park’s upscale shops, boutiques and restaurants, as well as help to revitalize the city's original downtown.

While Oviedo on the Park is touted as the new downtown, Mayor Walters says that Oviedo's original downtown near Central Avenue and Broadway Street will also be revitalized.