Orlando-based Crystal Homes is bringing more luxury vacation townhomes and apartments to the booming ChampionsGate-Reunion submarket.
President Constantinos Zavos told GrowthSpotter that horizontal construction is now underway for Crystal Ridge, a 126-unit townhouse resort community on C.R. 532 across from Reunion Resort. The property, zoned for short term rentals, is situated on 10 acres abutting the new Wawa and planned Aldi Food Market at the corner of C.R. 532 and Lake Wilson Road.
He expects to start vertical construction in the next 60 days on the first two townhouse buildings, to be followed by two more buildings and the amenity center with pool, clubhouse and playground overlooking a large water feature. The clubhouse will include a fitness center, coffee bar, game room and multipurpose room.
The contemporary townhomes were designed by Scott+Cormia and range in size from three-bedroom units to three-story, five-bedroom units with lake views.
Zavos is also prepping for a meeting next month with Polk County's Development Review Committee for final approval of his planned 410-unit apartment complex on Lake Wilson Road, between C.R. 532 and Ronald Reagan Parkway.
Crystal Bay is the third new apartment community announced in the last month in the immediate area -- all just over the Osceola-Polk County line.
"That's a gold mine over there, especially with the Osceola situation and us being in Polk County," Zavos said, referring to Osceola County's development moratorium and decision to double school impact and mobility fees for new apartment communities.
"With Lake Wilson now being a four-lane road and getting access to Poinciana Parkway there, this will get things going very rapidly," Zavos said. "The access is perfect. The area is perfect for expansion, and for multifamily in Polk, it's a difference of $5,000 per unit."
The 28-acre site already had an approved Planned Development (PD) for 210 multifamily units. Zavos is seeking a major modification of the PD to allow for the higher density. Polk County had already issued a preliminary approval pending the completion of a traffic study.
He worked with S+C and JSK Consulting on a preliminary site plan that calls for 10 three-story buildings, each with 41 garden-style apartments, and a 10,000-square-foot clubhouse.
"Everything in the clubhouse will be up to par with the market," Zavos said. "We're trying to keep the tree canopy in the middle -- we've got some 100-year-old trees. We've also got a lake, and we will try to clean it up and put a fishing pier there."
The finishes, amenity package and even the name of the community will depend largely on the JV partner, Zavos said.