The Orlando office of Wood Partners, a national developer and manager of apartment properties, is now working with Toronto-based North American Development Group (NADG) to add multi-family to plans for 23 undeveloped acres directly across from the Ritz Carlton & JW Marriott Grande Lakes.
Located on the northeast corner of the Central Florida Parkway and S. John Young Parkway intersection, NADG has the land under contract to buy from an affiliate of Ashok "Chuck" Khubani, founder and CEO of OnTel Products, a national manufacturer of "As Seen on TV" consumer goods.
As GrowthSpotter reported in January, NADG has plans under review by Orange County to develop 9.4 acres of the tract as a first phase of commercial, dubbed Grande Lakes Plaza, with retail outparcels that will front the two parkways.
NADG is waiting for an infrastructure DP to be approved, via consent agenda, by County Commissioners in April or May. That DP will allow for internal driveways, utilities and drainage on the Phase 1 commercial portion.
NADG could break ground on that site work and infrastructure in the latter half of this year, and has yet to select a general contractor.
The developer will procure construction financing, has one lender in mind but hasn't finalized the choice, said Jeff Preston, managing partner in NADG's West Palm Beach office. He declined to project the investment value at this time.
Wood Partners has joined NADG to develop Phase 2 of the property, with up to 325 units of multi-family residential. Wood recently filed an amended Land Use Plan to allow the apartment usage on Tract 6 within the Project ABC PD, which covers 1,249 acres around all four corners of the parkways intersection, including the Grande Lakes resorts property.
"We're all working collaboratively together," Preston told GrowthSpotter on Friday. "We're going through the process with Orange County, which has been very cooperative, and hope to start construction soon."
Charles Barrus, regional director for Wood Partners in Orlando, declined to comment Friday on the LUP amendment and the company's plans for the site.
Kelly, Collins & Gentry, Inc., is civil engineer on the LUP amendment filing.