Crystal Ridge luxury vacation complex back on track as The Azur Resort
By J. Kyle Foster
Aug 28, 2019 at 6:34 PM
Construction is moving forward again on a luxury vacation townhome complex near Reunion that had been stalled since last year. Orlando-based Daz Development has renamed the former Crystal Ridge project as The Azur Resort.
Daz still plans for 126 units, President Constantinos Zavos told GrowthSpotter.
Units will range from three to six bedrooms and 1,700 to 2,700 square feet, according to marketing director Deep Mehta of EXP Realty. The original plan filed in December 2017 was for three- to five-bedroom units. The six-bedroom townhomes will be on the lake and will be the only 3-story units, he said.
“We took some time off and did some homework locally and realized we needed more because the demand is there,” Mehta told GrowthSpotter, citing national developers who are building eight to 12-bedroom units in the area.
Zavos said work stopped on the project because of a partner dispute.
The Azur Resort is on C.R. 532 across from Reunion Resort. The property, zoned for short term rentals, is situated on 10 acres. Site work that stopped last year is underway now and expected to be completed sometime in October, Mehta said.
“We’re hoping to break ground November or December, depending on weather.”
Once completed, the complex will include an 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 – all in the original plan, Mehta said.
“It’s the hotel feel – this is all short-term rental driven, so the market is totally different,” he said. Three-bedroom units may start in the $299,000 range, with the six-bedroom units priced around $450,000 to $460,000. The contemporary townhomes were designed by Scott+Cormia and include a private screened-in pool.
Zavos in May sold a nearby parcel he had planned to develop into a 410-unit apartment complex on Lake Wilson Road, between C.R. 532 and Ronald Reagan Parkway. The initial Planned Development approval was for 210 multifamily units, and Zavos won approval for an increase to a maximum of 400 units before the sale. The new owners - Orlando-based Elevation Development in partnership with California-based The Latigo Group told GrowthSpotter in May they anticipated building about 365 units in 3- and 4-story buildings. Elevation paid $5.175 million for the property.
“Constantinos couldn’t resist the offer and, we decided to liquidate the property and just focus on the Crystal Ridge,” Mehta said.