Planned are 392 units, with construction expected to begin in December or January, said Alliance Residential development manager Tim Graff.
Construction costs will be $26.7 million, Graff said, with the project expected to be complete 18 to 20 months after its start.
Alliance builds the complexes, called Broadstone, across the country. The communities feature fitness centers, club rooms and business sites, and the apartments contain stainless steel appliances, granite counter tops and outdoor fire pits.
Alliance offers one, two and three bedroom units that range from $950 a month to $1,800.
A unit of Alliance is serving as general contractor for the project. Humphreys & Partners of Dallas is the architect.
The property sale involved Hattaway giving up outdoor storage space for the boats, RV's and classic cars he stores for tourists and collectors, and relocating them to land he has across the street.
All told, he still holds 50 acres at the site, which includes 400,000 square feet of buildings and is located on Gateway Drive, between SR 414 and Highway 434, across from Seminole State College.
"The timing was right, the money was good, so we chose the opportunity," said Hattaway, who plans to use the proceeds to invest in new property.
Hattaway has been at his current site since the 1970s, first operating greenhouses. The native Central Floridian also served in the Florida House of Representatives for the 33rd district from 1974 to 1982.
With over 1,900 storage units, Adult Toy Storage bills itself as the largest boat and RV storage facility in Florida.