As it nears completion on its first Orlando-area multifamily complex, Aventura-based Landmark Companies is under contract for a 10.9-acre site close to NeoCity for its second project.
“We’re bullish on Orlando and Kissimmee, largely because of the amount of jobs and growth we’ll be seeing in the next 5-10 years,” David Coldea, senior asset manager for Landmark, told GrowthSpotter.
The first project, Dolce at Royal Palm, is a 326-unit Class A complex that Landmark is co-developing with JV partner DLC Residential. The site is across from Orange Lake Resort and just west of the S.R. 429 interchange, a mile from Margaritaville Resort and next door to the future Grand Medina Resort & Spa. Because it was their market entry, the partners tried to provide amenities and finishes that would stand out from the crowded competition in the Four Corners Market.
“We did 4-story buildings with elevators and tuck-under garages,” Coldea said. “You don’t see a lot of that over by Margaritaville.”
The complex also has a 12,000-square-foot clubhouse with a 2-story fitness center, theater room, party room with kitchen and golf simulator. There’s also a sky deck overlooking the resort-style pool, which has a tanning shelf with built-in lounges, a hot tub and cabanas lining the deck.
Other amenities include a dog park and washing station, a poolside entertaining space with grilling stations and TVs, and fire pits.
“You have an area that’s booming,” Coldea said. “What we saw was an opportunity to say how do we differentiate ourselves from the competition."
The clubhouse and leasing office should be open by March 2020, and the first residential building will be delivered in April.
Meanwhile, Landmark will be submitting plans soon for the Kissimmee site at 1201 E. Oak St., which is just west of NeoCity and south of Valencia College Osceola Campus.
“We’re doing this one on our own,” Coldea said. “We do self-perform, so we act as our own GC.”
He said they were sold on the Oak Street location because they’re big believers in NeoCity, and they like the proximity to the college and all the shopping at The LOOP. The recent completion of United Group’s Hamilton at Lakeside also gave them confidence in the market demand for Class-A multifamily. David Calcanis at Colliers International represents the sellers, a private investment group that has owned the property since 2005.
Landmark will be building a community called “Landmark in Kissimmee” with 247 units. The plan calls for three building, all 4-story elevator served, with the clubhouse incorporated into the first residential building.
“We like, from a land planning view, that it’s a tight site in terms of trying to build three buildings," Coldea said. "The (stormwater) detention is already on site. It was a clean, graded site that doesn’t require much fill.”
The clubhouse for this community will be just 7,500 square feet, but it will still have the 20-foot windows overlooking the pool and will feature many of the same amenities. Coldea said one unique feature will be private fenced yards on all ground-floor units.
“It’s something that’s really popular for pet owners,” he said. “We can do it at minimal cost, so it doesn’t really affect the overall budget.”
“With the Four Corners project, it already had approved plans, so we didn’t stray from that,” Coldea said. “On this deal, we’re using Forum Architecture. We loved what they were doing in the market, and we met with their team. We share their overall vision. They’re turnkey, as well, so they’re doing the interior design and the architecture.”
Forum is also the architect on two new multifamily communities on E192: DeBartolo Development’s 315-unit Vesta apartments at Amber Pointe and Gannet Pointe, an affordable community at the Florida’s Turnpike interchange just east of NeoCity.