Plans for Phase 2 of the Atwater Apartment complex are now under review by the City of Tavares, with site work expected to start in the next 90 days.
Atwater developer Jeffrey Cagan told GrowthSpotter the apartments were the first market-rate complex built in the Tavares area “in forever.”
“When we built Phase 1, people thought we were a little on the ledge,” Cagan said. “But I’ve been out there a long time. I looked around and it seemed like there was a need for market-rate apartments.”
Cagan’s gut instinct proved accurate: Phase 1, with 240 units, was the fastest-leased property his company, Cagan Management Group, has ever built.
Cagan Management is the developer of the Cagan Crossings multifamily development in the Four Corners area of Lake County. The company is also getting into the single-family detached housing game, with plans for a 323-lot subdivision across U.S. Highway 27 from the apartment village.
Cagan pointed to two developments that will spur growth in the Tavares area: the planned expansion of State Road 429 between U.S Highway 451 to State Road 46, and Florida Hospital Waterman’s 111,000-square-foot expansion of its Tavares hospital campus.
“People won’t see Tavares or any of that area as being far away (anymore),” he said.
Atwater Phase 2, which should take a year to build, will consist of 208 units spread over 13 buildings on 19 acres.
“A lot of people build 300 units on 6 acres,” Cagan said. “I build 208 (units) on 20 acres. There’s a lot of open area to throw a football or frisbee around.”
All the apartments will be 1,200 square feet or larger, Cagan said, and all the two-bedroom units will have two baths. Single-bedroom apartments will come with a den.
“The den can be a little office, a little library,” Cagan said. “It gives people who still want to work from home or do other things, an option.”
An additional perk will be high-speed internet delivered to each unit.
The development team for phase 2 will be led by Walker & Co., a general contractor located in Winter Park. The architect will be Forum Architecture & Interior Design of Altamonte Springs; the civil engineer is Wicks Engineering Services of Tavares.
BBVA Compass bank will provide financing for the project. Cagan declined to reveal how much his company is investing in the development.