Altamonte Springs-based ContraVest is under contract for 12.9 acres in the active Four Corners submarket where it plans to build at least 200 apartments to create a community on U.S. 27 near Davenport.
The proposed Addison 27 apartments would rise on 12.9 acres on U.S. 27 less than a mile south of U.S. 192. ContraVest submitted a conceptual site plan to Polk County Development Review Committee (DRC) in January that shows 264 apartments in 6 buildings with a clubhouse and pool and 462 parking spaces. That plan will change significantly, acquisitions director Alfred Rembowski told GrowthSpotter. Green Swamp environmental regulations say ContraVest must leave 40% of the land for open space.
“It’s not what we’re going to build because of the open space — it will lead to more dense buildings and taller buildings,” Rembowski said. “We can really only develop on 60% of the site. … We think we’ll be north of 200. We’re looking over 200 to 250 units. That is kind of the sweet spot.”
ContraVest has had prior success with similar communities of less than 300 units in the region. The developer completed the 266-unit Addison Lake Bryan in 2021 and sold it last year for $101 million. The 230-unit Addison at Clermont, built in 2019, also sold last year for $85 million, or about $370,000 per unit.
Located north of Sun Communities’ Windmill Village 55 and over community and southwest of Pulte’s Windsor at Westside vacation home resort, the proposed apartments would be built on some of the last available land in Four Corners, which is a busy commercial and residential corridor south of Orlando where Orange, Osceola, Polk and Lake counties intersect. It’s ContraVest’s only project in Four Corners.
“We like the site,” Rembowski said. “It’s our backyard. It seems to make sense. Florida has a strong growth market and a strong population market. This submarket and overall in this area, it’s a solid growth area and a lot of people moving to this area.”
He said factors such as higher interest rates make renting a better option for many would-be homebuyers. “I think the affordability of multifamily offers a much better lifestyle than with a single-family home.”
The National Association of Home Builders reported this month that there are 943,000 apartments under construction in the U.S. That’s up 24.9% compared with a year ago, this is the highest count of apartments under construction since 1974. The NAHB expects multifamily starts to fall by 28% this year to a total of 391,000 total and to stabilize in 2024 at roughly 374,000 starts.
ContraVest’s units add to the list of other proposed apartments in the area, something about which County Planning Administrator Chanda Bennett has raised concerns.
“How much high density can this area realistically absorb and be successful?” Bennett wrote in comments about Winter Haven-based developer Cassidy Holdings’ plans to add 275 apartments in its Brentwood Townhome community plan in the U.S. 27 corridor.
Red Clay Development Partners is planning for two apartment communities along U.S. 27 in Four Corners. The Georgia-based apartment developer wants to add 519 units on two properties about 10 miles apart.
Middleburg Communities and Park Square are both building new apartment communities across from each other on U.S. 27 just south of U.S. 192. Mosby Ridge and Aston Park will add a combined 638 units, plus more commercial lots and a hotel.
ChampionsGate developer RIDA Development is proposing an added 2,136 multi-family units and 150,000 square feet of commercial space in Polk County on 80 acres located east of Westside Boulevard, north of Ronald Reagan Parkway, west of Champions Gate Boulevard and south of the Polk/Osceola County Line. RIDA is seeking changes to Polk’s land-use code for the project.
Across the Orange County line, Integra Land Company is planning a 280-unit Class A apartment community along Bali Boulevard in Four Corners.
Rembowski said county planners seemed amenable to ContraVest’s build with changes to accommodate the environmental issues. The company will need to file a comprehensive plan amendment and a major traffic study. The next comp plan amendment meeting is in March. “I don’t know if we’ll make March,” he said. The next meeting would be in July. ContraVest would break ground in 20-24 months, and with a 24-month construction cycle, Rembowski sees rentals beginning in 2025 or 2026.
ContraVest plans to secure lending agreements about six months before breaking ground and expects to close the land purchase with the Strouse Family Trust with building permits in place, Rembowski said. “Hopefully the interest rates will have stabilized or even taken a quarter point down.”
ContraVest will build, own and manage the apartment community, which will be a mix of 1-, 2- and 3-bedroom units probably in 4-story elevator buildings. Rembowski expects the community to be 45% 1-bedroom, 45% 2-bedroom and 10% 3-bedroom. A pool, clubhouse with fitness center and other high-end amenities will be included, along with a pet wash and dog park. The community will have surface parking.
Maitland-based Charlan Brock & Associates is the architect.
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