Multifamily developer Wood Partners continues to target empty parcels of land east of Orlando’s tourism corridor.
According to recently filed development plans, the company is pursuing about 12.5 acres at 2630 Amazonas Circle for what could become its third apartment development surrounding Darden Corporation’s headquarters on the northwest corner of Taft Vineland Road and John Young Parkway.
Wood Partners affiliate, WP South Acquisitions LLC, is working with property owner, Pic Association Group LLC, to convert the site’s current industrial use to feature multifamily residential uses. Plans show the developer is seeking allowances to build up to 346 apartment units.
KCG is the civil engineer. VHB is also helping with planning.
Pic Association Group LLC is led by Mariana Rivas and Maria Morgado. The developers are behind the Orangewood Business Park directly east of the land Wood Partners is eyeing.
The business park was built in phases between 2008 and 2013 and features about 138,450 square feet of flex-industrial space across eight buildings.
Wood Partners’ developments typically feature high-end furnishings like wood-style laminate flooring, under-cabinet lighting, granite countertops, stainless steel appliances and kitchen islands with USB outlets. Amenities often include 24-hour fitness centers, a swimming pool and game rooms.
The most recently submitted plans line up with previous efforts to expand its presence in the area.
In 2017, Wood Partners broke ground on a 314-unit apartment complex at 3512 Grande Reserve Way. Earlier this year, the company sold the completed product for $74.7 million to Lantower Residential, a Dallas-based real estate investment company.
The developer recently began construction of Alta Headwaters, a new 328-unit apartment complex at 10501 S. John Young Parkway. It paid about $8.26 for the 15.3-acre property in January. In February, it scored about $41.2 million in construction financing from BB&T Corporation.
Wood Partners is also partnering with Ustler Development to build Alta at Health Village, a 285-unit luxury apartment community on Orange Avenue, north of the Orlando’s Central Business District and across from AdventHealth Orlando.
The property is neighbored to the south by the Ritz Carlton & JW Marriott Grande Lakes Resort, and to the east by a Wawa, car wash and shopping center.
In a previous interview with GrowthSpotter, Wood’s director for North Florida, Bryan Borland, said the company was drawn to the area’s proximity to job drivers in the tourism corridor.
Other than Darden, other major job providers in the area include SeaWorld Orlando and the Lockheed Martin Corporation. The company plans to employ 500 people in Central Florida by 2022. It is the largest defense contractor in the United States.
Universal’s new theme park resort, Epic Universe, is slated to add more jobs to the area in the future.
In 2015, Orlando-based Darden sold its corporate headquarters for $133.25 million to U.S. Realty Advisors. It was a sale leaseback agreement, in which Darden said it signed a long-term lease. The company oversees a number of restaurants, such as Olive Garden, LongHorn Steakhouse and Bahama Breeze.
Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.
