Charlotte, North Carolina-based Crescent Communities has about 18 acres of land under contract just north of Lake Willis as part of efforts to expand its recently launched NOVEL multifamily brand in Orlando’s tourism corridor.
Tim Graff, a managing director at Crescent Communities, oversees sourcing new multifamily development opportunities throughout Florida. According to an application recently filed in Orange County, Graff is working with the property owner, Marriott Vacations Worldwide, to convert the land’s current use from timeshare and commercial to multifamily.
The land has been owned by Marriott Vacations Worldwide for more than two decades. It’s part of a nearly 80-acre development site called Interstate 4 Plaza.
Marriot Vacations Worldwide acquired the land in 1997 from the late real estate developer Wendell “Jock” Spears. Since then, it developed the 312-unit Marriott’s Harbour Lake resort at 7102 Grand Horizons Blvd. and sold the northernmost parcel at 11000 Westwood Blvd. to CNL Hospitality Properties in 2000 for $3.4 million. The company went on to develop what is now the Residence Inn by Marriott Orlando at SeaWorld.
According to the filed Land Use Plan, Crescent Communities is looking to entitle some 17.7 acres of land straddling Grand Horizons Boulevard, parallel to I-4, to accommodate up to 360 apartments.
The site sits across from the former Marriott Grande Pines golf course, where Park Square Homes is developing more than 400 new vacation homes. Other developments in the pipeline include, AdventHealth‘s newly proposed emergency building just north of Pulte Homes’ Overlook at Ruby Lake development by the Daryl Carter and Palm parkway intersection.
Last week, GrowthSpotter reported plans by the Altman Companies to develop roughly 34 acres of land located next to where O’Connor Capital Partners is building out its 70-acre Vineland Pointe shopping plaza, into a new 567-unit apartment complex at 10055 Almondwood Circle.
Crescent Communities is known for its luxury apartment developments. In Orlando, it is behind the $75 million Novel Lucerne mixed-use building, which hosts the downtown area’s first Earth Fare grocer. Built in 2018, the mixed-use project features 375 market-rate apartments with an amenity package that includes a fenced dog park, art gallery and 24-hour fitness center that over looks a resort-style pool and pool courtyard.
Crescent Communities is also eyeing a site on Narcoossee Road for a third NOVEL-branded community in Southeast Orlando called “NOVEL Nona.”
The company introduced its NOVEL by Crescent Communities brand identity in 2017 for its multifamily communities. Its development portfolio consists of more than 60 single-family communities, 55 multifamily projects and more than 20 million square feet of commercial space, according to its website.
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