UPDATED: SEPTEMBER 12, 2017 6:03 PM — Altamonte Springs-basedContraVest should break ground in January on a 230-unit "Class A" apartment community in Clermont near the intersection of U.S. 27 and S.R. 50.
It will be the fifth of the company's "Addison" branded complexes in active development in the Orlando metro area. The multifamily developer currently has two projects underway in Millenia and Windermere, and has a pair of complexes planned on Universal Boulevard, including Addison at Universal. The company also has a site under contract in the ChampionsGate market.
ContraVest President Steven Ogier told GrowthSpotter the company is gradually expanding its market reach to Orlando's western suburbs.
"This will be our first project in Clermont," he said Tuesday. "It's a bedroom community to Orlando, and Clermont is growing. We feel like it's a good play."
ContraVest has a purchase contract on the 19-acre site at the northwest corner of Hooks Street and Citrus Tower Boulevard. The company is seeking final approval for a HUD-secured conventional loan.
"When you go with the HUD financing, there's usually a lot more hurdles before you get to the finish line," Ogier said. "You get a little bit higher loan to cost ratio, and it's a declining interest rate."
The site plan calls for a mix of two- and three-story buildings with the company's standard amenity package, which includes a dog park with pet wash station, barbecue park, clubhouse, fitness center and pool.
"The amenities and clubhouse will be downsized a bit because it's not as large as some of our other projects," Ogier said.