More development is primed to take place around the Gateway Village Center in Orlando.
JBL Gateway 282 AB LLC, a company tied to the South Florida-based firm JBL Asset Management, just set in motion plans for new multifamily development west of Shadow Ridge Boulevard, just north of the Orlando International Airport.
The company is seeking city approvals to introduce up to 800 new apartments on about 20 acres it owns directly south of Airport Lakes Park and across its first multifamily venture in the area — the 323-unit Addison Gateway community that JBL partnered with ContraVest to develop.
JBL has assigned Meghan Dietz, associate principal of design operations at Baker Barrios Architects, to help masterplan a two-phased multifamily development that will consist of four separate 5-story apartment buildings. According to plans, the project would be able to accommodate up to 800 dwelling units, 1,436 parking spaces, and a large stand-alone amenity building at its center.
A conceptual site plan shows the amenity center at the proposed Shadow Ridge Apartments will feature a large pool deck and fitness center. Other features include a lobby with a library, a leasing office, a testing kitchen, and game room space.
In order for development to take place, the team is proposing to amend the comprehensive plan to modify the shape and size of the conservation land.
ContraVest President Steve Ogier told GrowthSpotter “there are wetland and soils that they are dealing with that affect the plan.” He adds ContraVest plans to be involved on the most recent plans like it was with Addison Gateway.
“We are looking to sign a deal with them,” he said. Meanwhile, Addison Gateway received its Certificate of Occupancy Friday with 88 units leased up, he said. Ogier said he expects to be complete by August.
Records show CDP/NML Gateway LLC, tied to ContraVest, bought the development site in 2019 for $8.627 million.
JBL bullishly secured about 60 acres in the area through an auction in late 2016 and placed a winning bid on the property twice.
The first time, a judge rejected the sale, due to factors involving creditors and the bid procedure.
By the second attempt (and a $5 million higher bid), JBL was deemed the winner. The auctions took place after the previous property owner filed for bankruptcy.
Records show JBL spent $23 million to buy a large assemblage of properties that include the current subject property, the Addison Gateway site, a vacant 8.47-acre commercial parcel, a 17-acre site that’s partially occupied by SixT Rental Car, and a 7.27-acre commercial center that houses a Bonefish Grill, Carrabba’s Italian Grill, among other smaller retailers.
JBL is a real estate company that specializes in retail shopping center acquisitions, management, and development. It was founded in 2005 by Jacob Khotoveli, and also serves as a private capital asset manager on its own behalf and its investment partners.
Other developers active in the area include the Tampa-based hotel company McKibbon Hospitality, which is building the 6-story, 156-key Hyatt House hotel at nearby Gateway Village Center. The developer also has a neighboring lot where it intends to build a 5-story, 155-key hotel. Last month, GrowthSpotter reported the plans name AC Hotel as the new flag.
ContraVest is behind several multifamily communities in the development stages throughout Central Florida. The developer is close to completing the 277-unit Addison Longwood apartments in Seminole County. ContraVest is also pursuing plans to build more apartments in Longwood, across from the former dog racing track.
Last year, GrowthSpotter reported the company was seeking to build another one of its Addison-branded multifamily communities along Binion Road in Apopka, called Addison Farms.
Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 491-3357, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.
