A Clermont-area mixed-use development of homes, shops and restaurants may soon welcome a $22 million age-restricted senior housing community.
New plans for the 55-plus community "The Orchard at Cagan Crossings" show a 136-unit, four-story complex with a mix of surface and covered garage parking, on six vacant acres at the southwest corner of U.S. 27 and Cagan Crossings Boulevard, near the Four Corners region of unincorporated Lake County.
The Orchard will join Cagan Crossings' existing 1,644 units in Aurora, Ridgepointe, The Lofts, and The Glen at Cagan Crossings apartment complexes; its shops and restaurants in the 56,000-square-foot The Town Center at Cagan Crossings, a two-story Cagan Crossings Community Library, and more than a dozen stand-alone retailers such as Walmart, Lowe's Home Improvement and Starbucks.
The developer's plan is to up the number of approved units to 142 in the elevator-equipped complex, Jeff Cagan, president and CEO of Cagan Management Group, told GrowthSpotter on Monday. The Orchard would be walking distance to services at the Town Center and contain a pool, fitness center and clubhouse. The unit rental rates are projected for the $1,000 to $1,200 range.
The county in March approved a development application and site plan for the senior housing complex, said Michele Janiszewski, chief planner at Lake County's Planning and Zoning division. The development is located in the Cagan Crossings Florida Quality Development (FQD)-Development of Regional Impact (DRI). The land is owned by Cagan Crossings Ltd., an investment vehicle of Jeff Cagan.
The development team consists of Clermont-based developer Cagan Management Group Inc., Altamonte Springs-based architect Forum Architecture & Interior Design, Kissimmee-based environmental consultant Austin Environmental Consultants, Tavares-based civil engineer Wicks Engineering Services, Sanford-based surveyor Locklin & Associates and Winter Park-based general contractor Walker & Company.
Walker & Co. could not be reached for comment Monday on construction opportunities.
However, Cagan expects construction on The Orchard at Cagan Crossings to begin in 90 days, or within the third quarter. Cagan estimated a 12- to 14-month buildout, weather permitting, putting completion at near Fourth Quarter 2019.
Birmingham, Ala.-based bank BBVA Compass has lent financing to the project, said Cagan, who declined to specify an amount.
Meanwhile, the site is approved for 48.9 acres of senior housing, plans show. The company anticipates a second complex to mirror The Orchard shortly after completing construction, said Sandy Cagan, senior vice president of the Florida Division at Cagan Management Group.
Sandy Cagan expects both to fill up quickly once built, judging by the waitlist for Cagan Crossings' existing apartments and high demand for senior housing.
"With the opening of South Lake Hospital, which will be by us [Cagan Crossings], and the feedback we've had, we thought the time was right now for an active 55-and-over community," she said. "We're looking to add programs, classes and events that would be of interest to that demographic."