Green Slate Land & Development has reached a deal with Arizona-based Christopher Todd Communities to build its first Orlando-area Build-to-Rent community in one of Osceola County’s most desirable corridors, at the corner of Narcoossee and Jack Brack roads.
GSL President and CEO Isaiah “Ike” Cottle opted to swap out a proposed apartment project for a build-to-rent product earlier this year to comply with the Narcoossee Overlay. He told GrowthSpotter he spoke with at least 50 groups that had an interest in the site.
“We had a tremendous amount of offers, and we settled on Taylor Morrison/Christopher Todd because of their experience in the space and the process and the quality of the product they build,” he said.
Founded in 2016, Christopher Todd Communities helped originate the horizontal apartment concept that’s now one of the fastest-growing asset classes in the nation. Three years later, CTC entered an exclusive partnership with Taylor Morrison Homes and announced plans for a national rollout, starting with Texas, Florida and North Carolina.
In an earnings call last April, Taylor Morrison CEO Sheryl Palmer told investors the company would have BTR communities at some stage of development in nine markets by the end of the year.
The Orlando project will be developed through Taylor Morrison’s new TM BTR of Florida LLC division, which is led by Regional VP Nicholas Gluckman. The division also has officers based in Tampa, Sarasota and at corporate headquarters in Scottsdale.
GSL has already applied for Planned Development zoning in Osceola County for the 27.5-acre site. The proposed master plan calls for 50,000 square feet of commercial/retail uses fronting on Narcoossee Road and 208 cottage-style BTR units.
“Essentially, they’re going to be one-story cottages,” Cottle said. “That’s how it’s going to look and feel. We think that fits into the Narcoossee Overlay, and the intent of the overlay being a (transit-oriented development) area, we’re planning on having the units front on both Navajo at the back as well as Narcoossee at the front to help achieve that walkable character.”
The development plan calls for 40 one-bedroom attached units and 128 two-bedroom detached units. A large amenity center with a pool and clubhouse will be at the center of the community.
Cottle said he hasn’t yet chosen a CRE broker for the commercial section. The overlay caps the size of all commercial buildings at 15,000 square feet, but Cottle still hopes to be able to lure a small grocer to serve the thousands of new homes in the pipeline along Jack Brack Road.
Green Slate is working with Waldrop Engineering on the PD submittal and master plan. Cottle said he hopes to get before the next Development Review Committee in August to proceed to Planning Commission. Osceola County also will host a community meeting before the first public hearing, he said.
Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407) 420-6261, or tweet me at @byLauraKinsler. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.
