National multifamily real estate company Alliance Residential Company is under contract to buy and develop a site within the 140-acre Plaza Collina community in Clermont.
The Scottsdale, Arizona-based firm is close to securing about 35 vacant acres north of State Road 50 and west of Lake Boulevard, near the Orange/Lake County boundary line, with plans to develop 200 apartment units.
Bobby Anderson, a managing director at Alliance Residential, told GrowthSpotter the company will introduce its Broadstone brand to the area.
“It’s going to be a craftsman style, Colorado-inspired design that helps promote an outdoor lifestyle,” he said.
The firm is hoping to appeal to renters interested in the adjacent 25.5-mile South Lake Trail that goes through Clermont and Minneola, and the nearby Killarney Station, which adjoins South Lake Trail to the 22-mile West Orange Trail, which passes through downtown Oakland, Winter Garden, and Apopka.
“The recreational trails, the many lakes in Clermont, and the quick access to Florida’s Turnpike in addition to all the growth taking place in the Clermont market really made the area desirable,” Anderson said. “It’s one of the better submarkets in all of Orlando, in our opinion.”
Plaza Collina Broadstone will consist of 10, 2-story and 3-story multifamily buildings, and a 5,674-square-foot clubhouse that connects to a dog park with dog washing stations and a resort-style pool area.
The project is made up of 96 one-bedroom units, 84 two-bedroom units and 20 three-bedroom units, four of which will resemble townhomes. Residents will have access to garage space, a fitness center and a business center. Anderson said the company is also adding a bicycle shop and pavilion area that will feature hangout space.
Alliance Residential expects to close on the property and break ground by the end of the first quarter of next year.
The seller, Avanti Properties Group, bought the Plaza Collina master-planned development site at the discounted price of about $15 million in 2010 after a slump in the economy forced its original developer to sell.
Initially, Plaza Collina was being prepped for a large amount of retail development that would be supported by the anticipated wealthy residents of the planned luxury Bella Collina residential community nearby. But, turmoil from the recession that came to follow slowed any chance of traction for both Plaza Collina and Bella Collina.
Today, activity in the Tuscan-inspired residential community is bouncing back.
Earlier this year, New York Mets shortstop Francisco Lindor and his fiancée, Katia Reguero, bought a home in the community for $2.9 million.
While the Plaza Collina corridor along S.R. 50 has become known to attract auto dealerships such as Toyota, Nissan, Dodge, Ford, Chevy, and Honda, the 142-acre Plaza Collina property was annexed into the city to try to prevent more dealerships.
Clermont’s first Class A office building, Fifty West, opened in the Plaza Collina corridor last year. The 29,000-square-foot office building was built by developers Keith and Boris Kovatch. Tenants are a mix of medical and retail users on the first floor and consulting and advisory firms on the second and third floors, according to its website.
Last year, GrowthSpotter reported Trulieve signed a lease in the building. The medical cannabis dispensary was the first to open in Lake County.
Broadstone Plaza Collina was one of several multifamily communities postponed by the moratorium on apartment construction, which was lifted last summer. Other apartments in the pipeline or recently completed in Clermont include multifamily development in Clermont’s Olympus community and the newly opened Clermont Ridge Senior Villas, an age-restricted community.
Alliance Residential is behind a number of new multifamily communities throughout Central Florida. Its brands include luxury Broadstone communities, Prose workforce housing, and Holden senior housing communities.
In Horizon West, the real estate company is building its Prose-branded apartments in the planned 300-unit Prose Avalon Pointe community on the southeast corner of Avalon Road and Hartzog Road. Anderson said the company closed on the first phase earlier this summer and plans to purchase the second phase (an additional roughly 300 units) by the end of this year.
The firm is also close to completing its 260-unit Broadstone Viridian community in Sanford. According to Anderson, that project is near 100% leased.