Charleston, South Carolina-based Greystar Development is under contract for nearly 19 acres of Four Corners Town Center in Davenport for a proposed 330-unit apartment complex.
The multi-family development would add to the residential growth of Four Corners Town Center DRI, located at U.S. 27 and Ronald Reagan Parkway and originally was approved and planned for 1.2 million square feet of retail and commercial space. Pulte Homes paid $7.9 million for 58 acres on July 7 to build 360 single-family homes and townhomes, Brett Hartung with Foundry Commercial told GrowthSpotter.
Hartung and Foundry brokered both deals for sellers Albertson Intl. Inc and CentreCorp Inc. They have one last piece to sell – a 21-acre commercial property that fronts U.S. 27. This parcel likely will be site-planned by Foundry, Hartung said. It may be sold as one piece but likely will be sold as individual parcels.
Four Corners Town Center has been approved for residential development following the expansions of nearby Posner Park and ChampionsGate. These are busy and growing communities in the heart of the I-4 corridor near the four counties that give the region its name. Posner Park and Posner Village now have over 800,000 square feet of retail development plus a transportation hub and three multifamily residential communities.
“Home sales are just on fire,” Hartung said. “It seems like they can’t get enough property quick enough.”
The new multi-family community by Greystar is known as Elan Champions Ridge on planning documents, which predict construction on 11 garden-style apartment buildings to start this fall. It would include a clubhouse a pool. Hartung said the deal is expected to close in the fourth quarter.
The project is under a Level 2 review with Polk County and recently addressed questions from planners following a July 1 Development Review Committee (DRC) meeting. Forum Architecture and Design is both architect and interior designer for the project.
There is another 300-unit multifamily project on an adjacent property on Reagan Parkway called Indigo at Champions Ridge being developed by Red Clay Development Partners. And Winter Park developer Ron Ginsburg is weeks away from starting construction on a 300-unit community on the adjacent property at the southern end of the town center on Dunson Road.
The Pulte property was listed for a long time, Hartung said. It was under contract twice in the past two years – once for an industrial park and once for a hospital system’s plans. They both fell through and that’s when Hartung and Foundry started to rethink the parcels. “We decided to divide up the property and sketched a plan to bring in residential – whether Pulte or someone else,” Hartung said.
Pulte, which is planning 40- and 50-foot single-family lots and townhomes, “had been knocking on our door for years. It was never in our thought process to break it up and sell it for residential until we sort of reverse-engineered it. … We were looking at it as commercial – that’s what it was entitled for. There wasn’t the residential growth we are seeing now.”
With the Pulte deal completed and Greystar under contract, Hartung said the commercial becomes more attractive.
“We’ve got interest — it’s just the question of who is the first domino,” he said. No big box stores – those are at Posner. Instead, local community needs that those living in the nearby communities can get to without getting on to U.S. 27 but also can be accessed by those driving by on 27, Hartung said.
“I feel like we’ll have a sort of puzzle worth of commercial. Maybe there’s a 10,000 square-foot building on the backside,” he said. That might be similar to Lake Nona where a daycare center is located on the backside with a stand-alone Starbucks out front. With a rear frontage road already in place, the density can be used like this, he said.
“We’ll probably need to do some site planning ourselves and figure out what the right mix is,” Hartung said. Instead of one long strip center or just outparcels, there would be a mix. Maybe a hotel might work there too, he said. “That could be a unique opportunity for us.”