The same company that built the Solstice Signature luxury apartments in Orlando's tourism corridor paid $25 million on Wednesday for 45-plus acres just over the county line in Osceola's Sunrise City.
An affiliate of Northwood Ravin and Tampa-based Framework Grouppurchased the undeveloped land just off S.R. 535/Vineland Road from Intram Investments, master developer of the 238-acre mixed-use project and Sunrise City Plaza retail center.
The property is zoned Tourist Commercial, one of Oscoela's most flexible zoning categories. It allows for tourism-related development as well as retail, hotel, residential and multifamily at up to 40 units per acre.
"They're permitted to do whatever is allowed in the zoning, subject to (non-compete) agreements with the retailers," Intram Vice President Randy Hodge told GrowthSpotter. "I don't expect them to do a significant amount of retail. They're primarily multifamily developers."
Construction activity on the site could not commence until 2020, per the agreement with Publix, Hodge said.
The sale follows the $7.5 million transaction last year to another Tampa-based multifamily developer, Sembler Investments' 2nd Wave Developments, for an 11-acre site on Sunrise City Drive. Sembler expects to break ground in April on a $65 million luxury complex with 340 units.
The Northwood Ravin property is on two parcels immediately east of the shopping center and straddling both sides of Sunrise City Drive. This would be the third luxury apartment complex in Sunrise City, following the completion in 2018 of Integra's Sunrise Parc.
Intram retained 40 acres adjacent to the two new apartment complexes and is in the early planning stages for Phase 2 of the retail center.
Northwood Ravin and Framework made their Orlando market entry with the 309-unit Solstice community just east of Vineland Premium Outlets. Apartments in Solstice feature upgrades, such as tiled backsplashes, quartz counters, stainless steel vent hoods over the stove and oversized shower systems with hand-held and rain faucets and keyless entry.
The highly amenitized complex has indoor and outdoor pools, a fitness room with Peloton bikes, a golf simulator, a business center with conference rooms and an indoor spa with hot and cold plunge pools.
RDIP's Susan Morris and Nick Jones represented the buyer in the cash transaction.