A plan for a luxury apartment complex in Davenport delayed by the COVID-19 pandemic is back on track, updated and expected to break ground in January off U.S. 17-92, about a half mile south of the Providence golf community.
Tuttle Land Investments (TLI), based in Hillsboro Beach, has plans to build 416 apartments that CEO Brian Tuttle expects to be valued at $500,000-$550,000 per unit, much higher than the $200,000 he estimated in 2019.
So far this year, the average sale price this year for a newly constructed, suburban Class A community tops out at about $370,000 per unit.
The complex will include 18 3-story walkups with 30 units in each, according to a site plan by Round Rock, Texas-based Place Designers. The apartments should be completed about 20 months after breaking ground, Tuttle told GrowthSpotter.
“We just put everything on hold” during COVID-19, Tuttle said. But now, the project is ready to go. “We modified the building footprints” but kept the site plan at 18 buildings. Around the wetlands will be two pools, a dog park, a dog wash and an exercise trail. Plans show 833 parking spaces with 19 accessible spaces.
Tuttle purchased the vacant 41-acre site off Highway 17-92 N between Ronald Reagan Parkway and Ernie Caldwell Boulevard in January 2019 for $803,500. At that time, Tuttle said he planned to keep the apartments as his “retirement plan,” but now, “we’re going to sell it.” Tuttle said he’s not in talks with buyers yet.
His retirement plan will be the 3 other west-coast projects he has in the works, Tuttle said. Those include a commercial center an apartment site and a build-for-rent project, all in Palm Beach County, he said.
Tuttle is interviewing contractors for the project now. The company is using civil engineer Winter Park-based Connelly & Wicker; landscape architect TDC Design Studio out of Orlando; Sugarland, Texas-based structural engineer SCA Consulting Engineers; and Fort Lauderdale-based CES Engineering Services Inc. Boca Raton-based Evans Land Consulting is the project engineer; Winter Garden-based Bishman Surveying & Mapping Inc. is the surveyor; Andreyev Engineering Inc. is the environmental engineer.
Other projects in the Providence area include Winter Park-based Hillpointe‘s planned 288-unit apartment development southwest of the intersection of Ronald Reagan Parkway and U.S. 17-92.
Last year, Providence developer ABD Development Co. received site development approval for a two-phased 527-unit apartment complex to be built on 75.5 acres and new entrance road from Reagan Parkway. In April, ABD sold the multifamily site to Abacus Capital Group, which submitted a revised site plan in June. ABD also plans a new single-family home neighborhood in Providence called Hampton Green with 3- and 4-bedroom home sites.
Aviana Resort on Hart and 17-92 is a 50-acre site with 188 single-family homes built by Park Square Homes, which also is working on The Reserve at Aviana to add another 129 homes to the community, according to the Aviana Resort website. About half of the homes are owner-occupied with the other half short-term rentals.
The Legacy at Davenport is a Landmark Companies multi-use project currently seeking approvals from Polk County. The multifamily portion is planned for 18.61 acres of the 41.25-acre site northwest of U.S. 17-92 on the southern side of Lake Locke. Site plans by Kimley-Horn show 372 multifamily units in five 4-story buildings. They include 182 1-bedroom, 174 2-bedroom and 16 3-bedroom units.
The commercial portion will include a 4,500-square-foot office building and a 112,900-square-foot self-storage building along 17-92, according to Polk County planning records approved in May.
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