An Atlanta-based development group has targeted a 17-acre parcel next to Polk County’s Four Corners Town Center for a 310-unit apartment complex.
Red Clay Development Partners is making its first foray into Florida’s multi-family market with the proposed garden-style apartments at the corner of U.S. 27 and Ronald Reagan Parkway (County Road 54).
The site is within the Four Corners Town Center Development of Regional Impact (DRI). It is a short distance from I-4 and the back entrance to the ChampionsGate community in Davenport. It’s also in the heart of one of the region’s busiest distribution hubs with thousands of warehouse jobs.
“We like the growth along that corridor,” Red Clay principal Jack Misiura told GrowthSpotter, “and Polk County, in our mind, has been development-friendly.”
For now, the complex is being called The Edge at Champions Ridge, Misiura said. His company has filed a notice of proposed change to the DRI to allow residential development, but it hasn’t submitted any plans to the county.
The 17-acre site is made up of two parcels owned by Four Corners Town Center LLC of Orlando, a company led by partners Charles H. Cordes, Yitzhak Benbassat and Yosi Edry, according to records at the Florida Division of Corporations. Four Corners bought the parcels in February 2016 for $2,575,000, according to Polk County records.
Misiura said Red Clay has the land under contract. He expects to close in the first quarter of 2020 and break ground soon after. The first residential buildings and clubhouse should be ready in 12-14 months after ground-breaking, he said.
The Edge at Champions Ridge will consist of 10 three-story apartment buildings and a 7,000-square-foot clubhouse. Misiura described the project as a Class A apartment complex with a “traditional Class A amenities package,” including a resort-style pool, recreational green space, an outdoor kitchen and grilling area, and a dog park.
The apartments will come in one-, two- and three-bedroom units, with the two- and three-bedroom apartments having two baths.
Misiura said his company’s apartments will be more affordable than similar multifamily developments going north into Kissimmee, Celebration and Lake Buena Vista.
“You’re really only 10-15 minutes from the Disney employment area,” Misiura said. “You’ve got Margaritaville taking shape there and that’s close by. There’s been a lot of growth and we think that in the ChampionsGate area you can provide housing at more reasonable rents than you can as you get farther north.”
Prior to that filing, the Palm Beach Gardens-based developer, along with partner Index Investment Group, had built and sold two apartment complexes on John Young Parkway near The LOOP shopping Center in Kissimmee. The company also is building the San Mateo Crossings)luxury apartments in Kissimmee.
It’s not clear why Eastwind’s development plans at Four Corners fell through. Executives at the company could not be reached for comment Friday.
In 2017, Intram Investments planned to build a grocery-anchored retail center on the 17 acres. But in December of that year, the developer terminated the contract to buy the land.
Julie Kendig-Schrader, an attorney representing the property owners, said Intram feared Polk county commissioners would approve a proposal by Seefried Industrial Properties to build 1.4 million square feet of distribution space on the Four Corners DRI site. That site had been slated for a regional shopping center. The county commissioners ultimately voted down the Seefried proposal a week after Intram scrapped its plans.