With the first of its 630 apartments set for delivery in November, the developer behind The Yard at Ivanhoe is prepping for its next phase.
Real Estate Inverland Development President Chance Gordy told GrowthSpotter he filed a master plan amendment with City of Orlando to add a three-story building at 1401 Alden Rd., next to the existing development.
“We have this small outparcel that was part of the original master plan, but we hadn’t designed it,” Gordy said. “It’s where The Venue is now.”
The Specific Parcel Master Plan calls for a 16,550 square feet of retail space on the ground floor with two floors of apartments, for a total of 24 units, above. Gordy said the new building would have surface parking, and the tenants would have access to all of the amenities in the main complex.
Those include 24/7 concierge service, a rooftop pool with cargo-container cabanas, summer kitchen, gaming lounge, business conference room, welcome center with free coffee, pet grooming salon and fitness center.
Phase 1 of The Yard includes 57,000 square feet of retail across three buildings. So far, the only named tenant is a Tampa-based food hall operator that will take 13,000 square feet. Gordy said his company has hired the team behind the Hall at Franklin to develop the new food hall with 10 restaurants and a meeting space that could host weddings and events. The concept marries the full-service restaurant and food hall experience – customers will be seated by a hostess and order from any of the restaurants.
“Only the food hall is signed, but we are working on a handful of other tenants,” Gordy said.
The new building at 1401 Alden could be a restaurant, retail or combination of the two, he said. Construction is scheduled for the first quarter of 2020.
Gordy said the same development behind the main Yard at Ivanhoe, Baker Barrios and S&ME, will design the second building.
Inverlad also controls some 3 acres on the south side of Virginia Avenue with long-term plans for a mid-rise sister development. Plans for The Yard-Phase 2 call for a mixed-use development of five stories, with 174 apartment units, a parking garage, 18,000 square feet of ground-floor retail space, and 45,000 square feet of office space on parts of the fourth and fifth floors.
“There’s no timeline for it yet,” Gordy said. “We have tenants who are paying rent now, so we’re going to sit on it for a while.”
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