Taylor Morrison is looking at building a small apartment community within its Bellalago neighborhood on land that was previously considered for affordable housing.
The Arizona-based homebuilder acquired the undeveloped property in the mixed-use Bellalago Planned Development in 2018 when it absorbed AV Homes, the original development of the boating community on Osceola County’s Lake Tohopekaliga.
The 9-acre lot in the Publix-anchored Village Shops at Bellalago is one of three commercial lots on Bellalogo Drive that were approved for multifamily development. The other two have been developed as affordable workforce and senior housing utilizing Low Income Housing Tax Credits. This parcel has been nominated twice to Florida Housing Finance Corporation for the competitive tax credit but lost out both times.
So now Taylor Morrison is eyeing a market-rate community featuring low-profile, 2-story apartment buildings. The builder has engaged Tampa-based Level Up Florida consulting, which represented the company earlier this month in a pre-application meeting with the county’s Development Review Committee. The planning firm has worked with Taylor Morrison in several of its Tampa projects, including two of its Esplanade-branded active adult communities.
In the meeting request, Stephen Sposato wrote that Taylor Morrison was looking to entitle the site for a 124-unit gated apartment community. Sposato noted that the buildings would be configured in 4-unit, or quad-type buildings no taller than two stories. About 40 of the units would come with an attached garage, while the rest would utilize surface parking. The developer would build a pool and cabana amenity near the entrance and a second amenity building attached to the leasing office.
Taylor Morrison, through a spokesperson, declined to comment on the project.
America’s fifth-largest homebuilder does not have a multifamily division, but it’s not a stranger to the rental industry. In 2019, the company entered a strategic partnership with Christopher Todd Communities, one of the leaders in the single-story build-to-rent space. But the conceptual site-plan submitted for the Bellalago site doesn’t match the Christoper Todd model.
Most suburban multifamily communities being built in Central Florida are three or four stories. A few two-story garden-style communities are in development in Lake County, but only the Manu Apartments in Leesburg are designed in a quadplex configuration.
The Pleasant Hill Road corridor is starting to attract more interest from multifamily and BTR developers due to the proximity of Valencia College’s Poinciana campus, which is just north of Bellalago. In March, two separate firms held pre-app meetings to discuss projects across from the college on land that has Medium Density Residential future land use.