Unicorp National Developments could break ground this Monday on Zen Luxury Living, a 258-unit apartment complex billed at $50 million-plus that promises resort-like amenities on the edge of Walt Disney World, CEO Chuck Whittall told GrowthSpotter.
The 14-acre property is based at 10463 Perrihouse Acres Lane, just off of Winter Garden Vineland Road, directly west of Grand Cypress Resort and east of Four Seasons Golf Club.
Initially dubbed the Cypress Club project in early 2014, Unicorp renamed it Zen as an acronym for "Zest, Energy and Nirvana," Whittall said. The apartment complex will feature a high-end spa and amenities commonly found at luxury resorts, he added.
"There are a lot of nice apartments on the west side of the county, and we wanted to elevate the market with this new offering," Whittall said. "Near Disney and the Four Seasons, I think the demand exists for this level of service."
Unicorp acquired the property in March 2003 for $2.85 million through an affiliate LLC, Zen Luxury Living. The developer is financing construction through a loan from Key Bank, which was chosen due to its past involvement on Unicorp residential projects, Whittall said.