After recently receiving the green light to rezone a nearly 5-acre vacant lot in Maitland, ERM Development Corp. is moving forward with plans to build a new 50-unit lakefront condominium community.
On Monday, the Maitland City Council unanimously passed a rezoning allowing the Altamonte Springs-based developer to change the lot's previous single-family zoning to Planned Development.
ERM can now move forward developing the lot at 473 S. Keller Road, which currently holds a sole single-family home. Once complete, the 473 Maitland Condominium project on Lake Shadow will consist of three, six-story buildings with groundfloor parking.
Prices for the three- and four-bedroom condos will start in the upper $300,000s, ERM president and owner Eli Melamed said. The residences will range from 2,100 square feet to 2,400 square feet. Amenities in the planned gated community will include a clubhouse and community pool.
The next course of action would be scoring approvals from the city's Development Review Committee for the site plan, Melamed said. According to him, the firm is currently in the designing phase. He said he hopes to break ground on the project over the summer.
With 473 Maitland Condominiums, ERM plans to target buyers aged 55 and plus who may be looking to downsize out of a single-family residence. The move into condo development, Melamed explains, marks a shift away from the current boom in apartment construction he has seen in Maitland.
One of the latest coming from Related Group, which is in the midst of completing the 350-unit apartment complex Town Maitland at Trelago.
"There's a market for condos," Melamed said. "There's so many apartments being built and I've found it the case that not everyone wants to pay rent all their lives."
ERM is a real estate development and construction firm behind projects like Maitland Village Townhomes and Lotus Vista Condominiums in Altamonte Springs.