Developer readies mixed-use plans with multifamily for SE Lake Nona corner

Bob Moser
GrowthSpotter

South Florida-based Futura Development Company has settled on its mixed-use lineup for more than 9 acres in southeast Lake Nona, filing plans this week with an eye toward groundbreaking in First Quarter 2019. 

The developer submitted its Master Plan on Monday to the city of Orlando for a project to include multifamily, self-storage and retail-commercial, along with amendment requests to the Planned Development zoning and Growth Management Plan. 

Futura had previously paid $3.05 million in May 2017 to complete a tri-part assemblage of 9.13 acres with frontage on Narcoossee and Boggy Creek roads, on Lake Nona's southeast corner just north of the Orange-Osceola county line. 

Dubbed "Nona Cove," the new MP proposes up to 270 multifamily units with structured parking, a four-story, 120,400-square-foot self-storage facility with retail on the ground floor, 40,000 square feet of multi-tenant retail, and an 8,500-square-foot outparcel earmarked for auto services. 

"I'm a fan of Tavistock's Master Plan proposal for creating Lake Nona as it is today, and that Lake Nona lifestyle and mix of uses," president Reinerio Faife told GrowthSpotter. "I see this as an urban node that will service the growing community around it. I think it's important to help traffic by locating nodes at key intersections like this."

Faife said he doesn't plan at this time to subdivide his land into lots for individual sale, and prefers to own and develop the multifamily and lease the retail-commercial space. 

The neighborhood retail and self-storage facility would stand to gain from future housing growth directly north in the Eagle Creek golf community, and Tavistock Development Company's planned 3,196 residential units for the 1,800-acre Poitras Property.

A general contractor and construction lender have yet to be selected, said Faife, who declined to offer a total project cost estimate.

Following city approval of the MP and PD/GMP amendments, Faife's team will produce construction documents and price out all segments of the development. He anticipates a Q1 2019 vertical construction start. 

An architect by training, Faife had more than 10 years of development experience with some of the country's largest multifamily developers leading up to 2009, when he started Futura after departing Archstone in the wake of its September 2008 bankruptcy filing. 

His initial focus with Futura was developing 300-plus unit multifamily projects with occasional retail components, and broke ground on his first in 2012 in Wellington, Florida. 

The Lake Nona property will be Faife's first venture outside multifamily, and first in the Greater Orlando market. 

Z Development Services is civil engineer on the project, Charlan Brock Associates is designing the multifamily, Charlotte-based Overcash Demmitt is architect on the self-storage and retail, and Blurock Commercial Real Estate is marketing the retail space for lease.  

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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