Tavistock Development Company is updating plans for an 11-story mixed use building in Lake Nona that will feature its first offering of urban micro-apartments, increasing the unit count with a potential groundbreaking by the second quarter.
First reported here in early October, the project is proposed for 3.46 acres on the southeast corner of Lake Nona and Tavistock Lakes boulevards, across from the 100-acre Lake Nona Town Center commercial district, and south of the Landon House apartments complex.
The company filed a determination request for appearance review in mid-January with the City of Orlando for micro-housing units in the building. It also increased the original proposed unit count from 151 to 157, though the added space wasn't allocated to more micro-units.
Updated plans for the building now show the 157 units broken down as six efficiencies (358 square feet), 31 studio (546-673 SF), 39 one-bedrooms (708-809 SF), and 81 two-bedrooms (908-1,737 SF).
Tavistock is "excited and curious to see how the market responds" to the first micro-apartments offered in Orlando, and believes product diversity established across Lake Nona's residential and the commercial Town Center's next phase will lay a groundwork for micro-unit demand, said Ralph Ireland, vice president of development operations.
Demand from college students seeking rental housing in Lake Nona has the potential to grow as new product hits the market. Campuses in the community based 4 miles or less from the new building site include UCF's College of Medicine, the UCF Burnett School of Biomedical Sciences, the University of Florida's Research and Academic Center, and Valencia College on Narcoossee Road.
Across Lake Nona's 17-square mile area, the community's demographic breakdown as of a Spring 2016 resident survey showed a balanced mix, led by ages 35-44 (26 percent), 45-54 (25 percent), 55-64 (20 percent), 25-34 (17 percent), and 65-plus (11 percent).
The new building would have a three-story parking garage connected by elevated bridge (380 spaces), and on the ground floor 26,336 square feet of retail, with projections for retail/pharmacy (14,997 SF), restaurant/bar (9,728 SF), a cafe (1,316 SF), office (4,044 SF) and service/back of house (9,465 SF).
The project was initially dubbed "The Distillery" on plans last year, with restaurant space to include a distillery. That concept is still being considered, the company said.
A foundation-only building permit was issued for the project in August. Tavistock hopes to have all permits approved by the end of March or earlier and begin construction soon after, Ireland said.
The building is forecast for delivery in early 2019, which should run concurrently or slightly ahead of the neighboring Town Center's Phase 2A that Tavistock said would include a brewery, bowling alley, medical fitness facility, hotel, retail and office.
The new mixed-use building's construction will involve standard post-tensioned cast-in-place concrete structure.
The use of pre-fabricated modular units by other micro-apartment developers across the country may be a step Tavistock takes in the future, Ireland said. The construction method, which can offer more than 50 percent savings on vertical costs for hotel and multifamily towers, is applicable when most or all of the units are similar size.
Tavistock will develop and own the property, with SPM Property Management brought on to manage the multifamily. SPM already manages the Landon House and Water Mark apartment communities in Lake Nona.