BREL Capital starts on Mall at Millenia-area apartments, preps Maitland site

Bob Moser
GrowthSpotter

Fort Lauderdale-based multifamily developer BREL Capital has begun site work on a 403-unit second phase of its Millenia 700 apartments southeast of the Mall at Millenia, one of three new developments in Florida it's planning with general contractor Wieland

A site plan was initially approved in 2007 for 700 units on 14.59 acres along Eastgate Drive, directly southwest of Orlando's IKEA.

The first phase of 297 units at 4131 Eastgate Dr. was built in 2012, known at the time as The Estates at Millenia. A second phase has remained pending for up to 403 units on 6.81 acres at 4206 Eastgate Dr., land bought by a BREL affiliate for $4.03 million in October 2014. 

The company filed a determination request with the City of Orlando on Nov. 23 for approval of a final site plan to build that second phase. It's estimated as a $44 million project, according to Andy Yarber, managing director for Wieland in Orlando. 

Wieland will be general contractor on Phase 2, following up its GC role for the first phase, for which Cline Design Associates was the architect. 

BREL is still waiting on approval of full construction permits from the city, but was granted partial permits that allowed Wieland to start site work and foundations in mid-November, Yarber said. 

Like the Phase 1 apartments, Phase 2 will be wood-frame buildings wrapped around a precast parking deck, with two interior courtyards featuring pool and fountain amenities. 

They differ in that the Phase 2 buildings will stand five stories compared to four stories at Phase 1, and the new development will have roughly 5,000 square feet of retail space on the ground floor, Yarber said. 

Wieland is already committed on about 50 percent of its subcontracts, and has received a sufficient number of bids that it's now evaluating for the rest, he added. 

BREL is also busy with plans for 6.13 acres in Maitland on the southeast corner of Orlando Avenue and Sybelia Parkway, where it has proposed Maitland Estates as 300 apartments, 45,000 square feet of commercial space and a 538-space parking garage. The company's affiliate Maitland Multifamily LLC paid $2.4 million in 2014 for the property. 

The developer is still wiating on permit updates for the Maitland property to be approved by city staff, potentially by mid-December. Wieland has not broken ground on the site yet, and is researching subcontractor bids and preparing to issue subcontracts, Yarber said. 

BREL's third project with Wieland will be the 436-unit Venetian Apartments in Fort Myers, a garden-style development with multiple three-story buildings and surface parking. 

Executives with BREL Capital declined to comment on the new projects on Monday. 

The developer's LLC affiliates sourced loans in October from The Bank of the Ozarks for $40.6 million for the Millenia Phase 2 project, $36.3 million for the Maitland project, and $34.3 million for the Fort Myers project. 

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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