One of the fastest-growing multifamily developers in the nation has closed on a 16-acre site in Posner Village with plans to build a 288-unit apartment community in the mixed-use district on U.S. Highway 27 just off the I-4 interchange.
Continental Properties received site plan approval from Polk County in late August, and this week sought approval to install a leasing trailer on the site.
Based just outside of Milwaukee, Wisconsin, Continental has developed or acquired apartment communities in more than 20 states, including nine on Florida’s Gulf Coast. The company launched its Springs Apartments brand in Bradenton and entered the Central Florida market in 2016 with Springs at Tapestry in Kissimmee. GrowthSpotter first reported the developer’s interest in the Posner site in early January when the company sought a pre-application meeting with Polk County’s planning staff. The community will be called Springs at Posner Park.
Last year Continental delivered 3,140 new apartment units, ranking it as the eighth largest multifamily developer in the U.S., according to the National Multifamily Housing Council. Many of those new communities feature the company’s “townhome-style approach to apartment living," with 2-story buildings that offer private entry to each unit.
Repeated attempts to speak with executives at Continental were unsuccessful. The company posted the project on its website late Thursday.
The complex would also include more studio and 1-bedroom apartments than is typical in most suburban builds, and many would come with stainless-steel appliance packages, granite counters and open floorplans with kitchen islands. Springs at Posner would include 42 studio units, 88 one-bedroom units, 136 two-bedroom units and 22 three-bedroom units. Rents for Springs at Tapestry start at over $1,100 a month for a studio apartment.
The community would feature an amenity package that includes a pool, clubhouse and 24-hour fitness center. Several detached garage buildings would be spread around the perimeter of the complex, offering 30 of the total 576 parking spaces. Madden, Moorhead & Stokes is the civil engineer. The landscape architect charged with desgining the now vacant grounds is Ewseychick & Associates on Longwood.
The property was part of a 97-acre parent tract owned by BTI Partners and currently being marketed by Cushman & Wakefield. The site, at the intersection of Posner Boulevard and Jennifer Drive, is across from the existing Target-anchored shopping complex and behind the new “Posner Village” section, which was developed by Intram Investments and opened in June. Polk County is also building a intermodal transit station in Posner Village that will allow Polk transit riders to connect to greater Orlando’s LYNX public transit via Haines City.