By securing land where the Mystery Fun House attraction once operated and by breaking ground on property along International Drive, The Bainbridge Companies has in recent weeks taken major steps forward on two long-planned apartment projects in Orlando’s tourism district.
Meanwhile, the South Florida-based luxury multifamily developer — which currently has nearly 2,000 units either under construction or built across the Orlando market — is in pursuit of more land in the area for future projects.
Bob Thollander, president of development with Bainbridge, told GrowthSpotter that he’s looking for additional sites in Lake Nona and the tourism corridor with a long-term plan to bring more multifamily communities here.
“When we find something we think is a strong submarket, we keep going back to the well,” he said. “We really feel bullish on this submarket.”
He described the area around Disney World and Universal theme parks, and in the vicinity of Lake Nona and the Orlando International Airport as “hot spots we are focused on.”
One place Bainbridge eventually plans to land is the Tyson Ranch mixed-use community along Boggy Creek Road just south of the airport that’s being developed by Ralph Singleton.
The company had previously signed on to develop a 324-unit apartment complex on the northern part of the PD, but backed out of the deal.
“We’ve been working on Tyson Ranch for probably three years and it’s been a slow-and-go, stop-and-start kind of scenario,” he said.
He said the company is still interested in that location, but the plan is to hold out until the county finishes work to widen that stretch of Boggy Creek Road from two lanes to four lanes, from the Osceola County line to State Road 417.
“We have continued to pursue a site there, however, there’s nothing near term on the books for us,” he added.
While on the lookout for available land, the company is also looking to expand the footprint of two existing apartment sites. Plans have been filed to add a second phase to Bainbridge Mission Pointe on the shores of Lake Wippoorwill off Narcoossee Road.
The first phase, totaling 300 units, recently began welcoming tenants. The second phase would bring another 176 units to adjacent property.
Bainbridge World Center, meanwhile, is shaping up to become Bainbridge’s largest apartment community in the Orlando market. Across two phases, it will hold a total of 806 units near the intersection of International and World Center Drive.
Bainbridge closed on land for the first phase on June 29 in an $11 million transaction. The company then took out a construction loan for the property totaling $32.6 million from Pinnacle Bank.
Bainbridge announced on Oct. 10 that it had broken ground on Bainbridge World Center. Expected to open in early 2024, it will consist of four, 5-story garden-style apartment buildings surrounding a man-made lake and surface parking. He said amenities would include a large stand-alone clubhouse spanning about 10,000 square feet, a resort-style swimming pool, and a fitness center.
“With immediate access to I-Drive, 417, and I-4, future residents will have tremendous access to not only employment and lifestyle amenities locally but throughout southern Orlando,” Thollander said in a news release announcing the ground-breaking. “Bainbridge World Center will feature a blend of modern sophistication with a luxury oasis environment, all within close proximity to diverse job opportunities, great schools, retail, and endless entertainment.”
The second phase of Bainbridge World Center is pending approval from Orange County.
On Sept. 22, Bainbridge purchased 5.5 acres on Major Boulevard, between S. Kirkman Road and Interstate 4, for $10 million. This is where the Mystery Fun House operated from 1971 to 2001.
With a wizard head on the roof, mazes, a dinosaur-themed miniature golf course, a “starbase omega” space-themed laser tag dome and more, the attraction was a popular hangout for teens and tourists during its heyday.
Most recently, Westgate Resorts has used the building as a training center for employees.
Bainbridge has been under contract to buy the land since before the pandemic. Now that the sale is finalized, Thollander said the old Mystery Fun House building will be demolished in the next couple of weeks to make room for a 390-unit community called Bainbridge The Grand.
Units will range in size from 820 to 1,486 square feet in an urban-style five-story wrap design with an attached parking garage. Community amenities will include a resort-style pool, expansive clubroom, game room with shuffleboard, pool table, and retro arcade games, work-from-home spaces, a fitness center, and on-site storage.
Bainbridge opened its first apartment community in the Orlando market in 2018 when the 288-unit Bainbridge at Nona Place opened its doors along the south shore of Lake Wippoorwill. A year later, the 278-unit Bainbridge Winter Park welcomed its first tenants.
Bainbridge has two other multifamily under construction. The 252-unit Bainbridge Nona North along Wetherbee Road is expected to open in January.
Plans call for a 252-unit apartment complex, with 138 one-bedroom units, 90 two-bedroom units and 24 three-bedroom units across three three-story buildings.
The developer is also building a 330-unit apartment community called Bainbridge Sand Lake on 13 acres at 7575 Universal Blvd. The company purchased the land near the site of Universal Studio’s Epic Universe earlier this year for $12.8 million.
Have a tip about Central Florida development? Contact me at (407)-800-1161 or dwyatt@GrowthSpotter.com, or tweet me at @DustinWyattGS. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.
