Miami-based Related Group is in the midst of completing Town Trelago with only one Certificate of Occupancy remaining of its 13 luxury garden-style apartment buildings that overlook Lake Hope in Maitland.
An opening ceremony is being held Saturday for the 350-unit project at 601 Trelago Way. The project marks the developer’s first in the greater Orlando area.
In South Florida, it has gained a reputation for developing an assortment of luxury product, including some ritzy condo high-rises in greater Miami and several luxury mixed-use rental towers in Fort Lauderdale, like its 44-story Icon Las Olas building.
Jeffrey Robbins, vice president of development for Related’s Central Florida portfolio, told GrowthSpotter the firm is looking for more opportunities in Central Florida with the intent of banking on its population and job growth. He said the firm plans to be “bullish” in the market.
“There’s a lot of runway left,” Robbins said, but he adds the firms isn’t necessarily sprinting after just any location.
“There’s a number of properties we’re pursuing, but we’re a little more particular in that we are very tuned in with what we want,” Robbins said. “There has to be a unique story to tell.”
In Trelago’s case, the site had been an old citrus grove farm that had been with the same family for generations. Therefore, Robbins said Town Trelago was designed to feel like a family lake house.
Finding a site within a in high-end employment center is another important factor of consideration. He said Trelago’s proximity to the Maitland Center submarket, one of the three largest office submarkets in Orlando, among downtown’s and Lake Mary’s office submarkets, made it stick out.
Related Group, which is part of the master-planning team along with Winter Park-based Battaglia Group, paid $10 million for its portion of the land in 2017.
Including Related Group’s apartment community, Trelago will feature about 120,000 square feet of new retail space, new office space, an assisted living facility and a hotel.
“[The retail space] is almost double what’s currently in its downtown area,” Robbins said. "We’ll be the new downtown, if you will.”
In February, GrowthSpotter reported that Jacksonville-based Vestcor Companies paid $3.25 million for about six acres of land within the Trelago property. Plans call for an adult-living facility with 134 beds across 120 units.
Foundry Commercial is under contract for the retail component, which will rise on 14-acre lot on Maitland Boulevard between Interstate 4 and North Maitland Avenue.
Town Trelago houses 13 residential structures that include two-story buildings with lakefront vistas and three-story ‘garden-style’ apartments. The complex consists of a mix of luxury studio, one-, two- and three-bedroom apartments, with rents ranging from $1,394 to $2,377 per month.
Amenities include a 24-hour fitness pavilion, summer terraza for outdoor dining and lounging and an infinity-edge swimming pool with a Jacuzzi and cabanas that overlook Lake Hope. V Starr, a design firm founded by professional tennis athlete Venus Williams, designed the interiors of its clubhouse.
Robbins said the total project cost is upwards of $80 million. The firm launched sales last year in November. As of Wednesday, Town Trelago was 38 percent occupied, he said.
Earlier this month, the company’s affordable housing arm, broke ground on Emerald Villas II, which is an expansion of its restoration project of the former Seville Place Apartments. The second phase consists of building 96 senior affordable housing units in west Orlando.