New York-based Sovereign Properties has a purchase contract for a 92-acre entitled Planned Development in the heart of the Reunion-ChampionsGate submarket.
It would be the company's entry into the Central Florida market.
"We've been looking to get into that area for a while," Sovereign Vice President Ryan Lang said on Monday. "We're attracted to what's going on with the economy in the greater Orlando area. It's close to the parks, and there's a lot of government contracts being awarded down there."
Lakeland attorney Timothy Campbell is assisting Sovereign with a small-scale Comprehensive Plan Amendment (CPA) and PD amendment to increase the residential entitlements for the former Lake Wilson Preserve PD on Osceola-Polk Line Road (County Road 532).
The Mixed-Use project, just south of Reunion Resort, was permitted by FHC Development and approved for 116,228 square feet of commercial and 347 townhomes and apartments.
Campbell told GrowthSpotter Sovereign wants to eliminate the townhomes and build two apartment communities totaling 710 units. They also explored the possibility of adding a charter school as an allowable use in the commercial section of the PD, but county planners were cool to the idea, Campbell said.
Phase 1 would include the first 360 apartments on 23 acres along the western and southern portions of the project. The complex, dubbed Retreat at Lake Wilson, would consist of 14 buildings, plus a clubhouse and pool. Another 350 apartments would be constructed within 16 buildings in Phase 2, also with its own separate amenities.
The project will include a mix of 3-story walk-up garden apartments and 4-story, elevator-served units, Lang said. Each of the 30 buildings has ground-level units with private garage entry.
"It will be two stand alone communities," Lang said. "We've done this elsewhere, as well. For amenities, we'll look to put in a basketball court, golf simulator and resort pool. We want to make residents feel really welcome."
He said the community would be comparable to a recently completed apartment community in Allen, Texas: Dolce Living Twin Creeks. That complex has a two-story clubhouse with fitness center, business center, conference room, coffee lounge and gaming lounge. Outdoor amenities include covered grilling stations and a large pool with tanning shelves.
The development plan reserves 8 acres at the southeast corner of C.R. 532 and Old Lake Wilson Road for future commercial development. Lang said Sovereign is considering several options for that portion of the project.
"We're still early in the process. We're not scheduled to close until August," he said.
The property is one of the hottest apartment submarkets in central Florida, with nearly a dozen new Class A communities recently completed, under construction or in permitting.
RIDA Development Corp. expects to deliver The Preserve, another Class A community in ChampionsGate, by the end of the year. And DeBartolo Development is wrapping up construction soon on 324 units in Reunion.