Wisconsin-based Continental Properties is eyeing Posner Park at the U.S. 27-Interstate 4 interchange for its second Springs apartment complex in the Orlando area.
While the site isn’t under contract, the developer is scheduled for a pre-application meeting with Polk County’s Development Review Committee Jan. 10 to discuss a potential gated, 302-unit apartment complex in the Posner mixed-use district.
A conceptual plan calls for a mix of 2-story and 3-story buildings and a 4,340-square-foot clubhouse with pool. Amenities include a fitness center, off-leash dog park, car maintenance center and dog-wash station, enclosed yards (10) and storage lockers.
The unit matrix would have 50 studios, 100 one-bedroom units, 127 two-bedroom units and 25 three-bedroom units.
Continental has developed 76 Springs apartment communities in 24 states, including Springs at Tapestry in Kissimmee. The developer completed the 288-unit complex in late 2017 and announced it had stabilized the property, with a 95-percent occupancy rate, in October.
In 2014, the company launched an aggressive five-year growth plan and now ranks as the eighth largest multifamily developer in the United States. Continental has developed 9,550 apartment units in the last three years.
The site, at the intersection of Posner Boulevard and Jennifer Drive, is across from the existing Target-anchored shopping complex and behind the new “Posner Village” section currently in development by Intram Investments.
The property is part of a 97-acre parent tract owned by BTI Partners and currently being marketed by Cushman & Wakefield.
The developed portion of Posner Park has over 600,000 square feet of retail which includes SuperTarget, Best Buy, Dick’s Sporting Goods, Ross Dress for Less, Michaels, and Cinepolis IMAX Theater.
Intram Vice President Randy Hodges told GrowthSpotter the general contractor has poured the slabs and will begin erecting the tilt-walls for Posner Village this week. So far, Intram has leases with Burlington, Marshalls, Homegoods, Beall’s Outlet, Rack Room Shoes, Ulta Beauty, Five Below and Starbucks.
“Everything is going well. We should be delivering to the tenants in June and will be open by October,” Hodges said.
The second phase of the project is slated to have a 25,000-square-foot grocery store and 12,500-square-foot pet store, according to leasing materials. Intram is currently in litigation with Target Corporation over a deed restriction that prohibits development of a “stand alone grocery store” in Posner Park.
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