Charlotte-based Madison Capital Group is planning to add a 500-unit multifamily complex to a 55-acre parcel on S. John Young Parkway in Orlando.
The permit application for the project, titled Pepperline West Apartments, was submitted to Orange County’s Development Review Committee for preliminary review on April 1.
If approved, it would be the second apartment construction project in the Orlando area to be led by Madison Capital Group. The real estate investment company is also behind the WaterStar Orlando, a planned mixed-use development in the Four Corners area of Orange County that’ll one day contain 512 dwelling units.
The Pepperline West Apartments project is proposed for 12250 S. John Young Pkwy, a plat of land at the intersection of Crystal Creek Boulevard that’s currently occupied by a church, Inglesia Feunte de Agua, and parking lot. The property, about a mile north of the S.R. 417 interchange in unincorporated Orange County, is bordered to the east by a 7-Eleven gas station and Pepperline Plaza, a retail strip mall. A community of condos, Fountains at Crystal Creek Condominiums, sits to the north of the property line.
According to the permit application submitted by Madison Capital Group, the development would consist of four-story apartment buildings with an associated clubhouse and space for amenities.
A concept rendering of the project drafted by Charlotte-based architecture and design firm LandDesign shows six apartment buildings.
Madison Capital invests in real estate and private equity opportunities, with a primary focus on the self-storage and multifamily sector. In Florida, the company is actively pursuing acquisition and development opportunities in St. Johns, Pasco, Hillsborough, and Lee counties.
In August, it bought 14 acres in the Tampa submarket with plans to develop a 317-unit apartment complex called Madison at Ruskin. The acquisition marked the company’s fifth apartment project in the state. Madison Capital is working on several other Florida projects in Tampa, Jacksonville and Bonita Springs.
WaterStar is Madison’s first apartment project in the Orlando metro. It will be a garden-style multifamily community made up of seven, four-story apartment buildings and a large two-story clubhouse. Residents will have a choice between studio, one-, two- and three-bedroom apartments. Amenities include a fitness facility, swimming pool, and clubroom.
A conceptual site plan shows the amenity area will be decorated with a grilling area, cabanas, a covered pavilion, movable outdoor games, outdoor seating and a movie lawn.
The first phase of the project began late last year. Todd Bleakley, the company’s Florida Managing Director, told GrowthSpotter in October that the second phase is expected to begin in the fall of 2022.
Bleakley declined to comment on the Pepperline West apartment project, which is early in the application review process.
Outside of Florida, the company is pursuing similar projects throughout The Carolinas, Georgia, and Tennessee.
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