Banner breaks ground on downtown Orlando's newest apartment tower

Construction is now underway on Downtown Orlando's next luxury apartment tower overlooking Lake Eola, and developer Banner Real Estate Group expects to be able to deliver the first units in late 2020.

"We've got all our permits and and crews fully mobilized today," Banner's development director, Tom Suminski, told GrowthSpotter.

The 13-story Radius Apartments is a 389-unit, Class A tower at the the corner of N. Rosalind Avenue and E. Livingston Street that will add street-level retail uses with a large pedestrian plaza.

"I'm very excited to have this thing going up," Suminski said. "It's been a long process. Just getting the land assembled was a long process."

The Illinois-based company paid $3.26 million in 2018 for the six parcels that comprise the 1.77-acre site. The final permits were approved in January, shortly after Banner secured $28.9 million in financing toward the $89 million project.

Holliday Fenoglio Fowler, L.P. (HFF) arranged $14.89 million in joint venture equity from Westminster Capital LLC and $14 million in preferred equity through a blue chip life company.

Banner chose the Radius name to highlight the property's central location and access to neighborhoods, like Thornton Park and Creative Village. 

"I love our location," Suminski said. "We're walkable to pretty much every prominent location in downtown. Our residents will have great views of Lake Eola."

He said the Baker Barrios-designed building would have two roof decks, including one of the market's largest pool decks on the seventh floor over the parking garage.

"It's going to have full southern exposure with great views of the lake," he said. "We're also going to have a large fitness center, a bocce ball court and lots of bike storage."

Banner will utilize keyless entry fobs and other smart technology. "We have to be really careful about what we install because what's cool now might be obsolete in two years," Suminski said. "We're keeping ourselves nimble in that respect."

A package locker station with some refrigerated units will be integrated in the mailroom. The pet-friendly building also will have a dog run and pet wash station.

"We'll have lots of dogs," Suminski said. "I'm hoping that one of our retail tenants will be a pet store."

A commercial real estate brokerage firm has not been chosen yet to market the building's 14,000 square feet of ground-floor retail space for lease. All of the ground-level parking spaces will be reserved for the retail users.

The parking garage on the property's east side features a brick facade, as do the first five stories of residential units, taking a design cue from the Trinity Lutheran Church directly across E. Livingston Street.

The upper floors and western and southern faces of the building feature a glass facade that is more in line with neighboring high-rises the Orange County Courthouse and SkyHouse Orlando apartment building.

Jack Jennings & Sons is the general contractor for Radius, joining civil engineer Kimley-Horn on the project. Baker Barrios is also designing a proposed 19-story mixed-use tower just south of SkyHouse, as well as the proposed Zoi House tower. 

The HFF equity placement team was led by managing director Matthew Schoenfeldt along with senior managing director Michael Weinberg, senior director Brett Moss, senior managing director Matt Mitchell and analyst Tyler Swidler. 

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407) 420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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