The Altman Companies, a Boca Raton-based developer of high-end apartment communities, has bought 27 acres on Osceola Parkway at Shingle Creek and plans to build one of its signature "Altis" communities there.
"Altis Shingle Creek" already has building permits in place for 15 three-story apartment buildings and the clubhouse. The total project will have 356 units (172 one-bedroom/one bath; 160 two-bedroom/two bath; and 24 three-bedroom/two-bath units). About 120 units will have their own garage.
The developer paid $3.7 million for the site last week. The seller was an affiliate of BTI Partners, which at one point controlled 542 acres at Shingle Creek.
A typical Altis property includes luxury finishes, such as stainless steel applicances and granite counters in the kitchen, marble bath vanities with vessel sinks and tons of amenities. The Shingle Creek site plan includes two large "pergola parks" and a resort-style pool with cabana and outdoor kitchen.
Architect Glen Baurhyte said the pet-friendly community would have its own pet salon in the community clubhouse as well as a fenced dog park. The buildings will be designed without breezeways or corridors.
"They're direct-entry units, which makes them kind of unique," Baurhyte said.
The Altman project could soon be followed by an even larger apartment community just across the road. Intram Investments Vice President Randy Hodges told GrowthSpotter he has a contract in place with a national developer to build 1,000 units as part of Intram's Sunrise City project.
Jordan & Associates consultant Ray Stangle has already filed preliminary plans and met with Osceola County planners regarding the first phase, which will include 400 units on 14 acres. The developer would purchase additional land for future phases.
Sunrise City is a 238-acre mixed-use development just south of the Lake Buena Vista Factory Stores. The 34-acre retail parcel will be anchored by a grocery store and two major retailers, both with 24,500-square feet. The shopping center's second phase will include 28,800 square feet of future retail, with seven outparcels covering 8.38 acres.
"We're doing construction plans for the shopping center now and should be in for permits in the next 60-90 days," Hodges said. "It's moving along nicely. It's a big project, but we're pleased with the progress at this point."