A hotel architecture and construction team are pursuing the first development of their own in Florida via the Orlando market, filing plans this week for an extended stay property near the University of Central Florida.
Located at 1675 Bonneville Drive, directly southeast of the E. Colonial Drive and S.R. 408 interchange, the property lies 3 miles south of UCF and 2.2 miles northeast of Waterford Lakes Town Center.
DI Development LLC, which bought the 14-acre parcel in 2015 for $600,000, is an investment vehicle for veteran architect Timothy L. Miller of Indiana-basedDimensions Architectsand partner Brent Myers of Georgia-based DI Construction.
The duo previously paired on interior renovation work in Orlando for a Holiday Inn near Universal Studios, and have designed an estimated 400 hotels over Dimensions' 41 years, Miller told GrowthSpotter.
They developed their first hotel together in recent years in Georgia, and the new Orlando project is slated to be their second.
DI earned Orange County rezoning on the property in late 2017 to C-1 Retail-Commercial to allow what is now proposed as a four-story, 123-key Woodspring Suites hotel with an adjacent retail site.
DI Construction more recently filed its horizontal construction plans in June with Orange County, which remain under review. It also filed plans last week with the St. Johns River Water Management District, but has yet to file a Development Plan with the county.
"We recently got the plans submitted for horizontal and (this week) should be submitting for the vertical," Miller said. "We hope to start work there in September."
About 6.5 acres on the northern half of the 14-acre site would be developed for the hotel, with $10.2 million estimated as as the all-in development cost, he added.
Much of the southern half will be preserved, and less than 1 acre along Bonneville Drive is being held for a retail built-to-suit tenant or sale to another developer. DI is not working with any commercial brokerage at the moment to market that land, Miller said.
A construction loan will be sourced for the project, he said, with existing bank relationships likely relied upon.