UPDATED: March 2, 2017 3:02 PM — An affiliate of Aventura-based Master Real Estate filed plans this week for a mixed-use development on 18 acres within walking distance of the Sand Lake Road SunRail station, and will seek a commercial leasing agent and lender in the coming months, a partner with the group told GrowthSpotter.
Located at 7803 S. Orange Ave., the property includes 12 developable acres, and lies northeast of the S. Orange and McCoy Road intersection. Affiliate Sandlake Station Partners LLC paid $1.7 million for the land in November, after floating a conceptual Development Plan (DP) by Orange County staff in September.
The company filed its formal DP on Wednesday with the county. Dubbed "Sand Lake Station," plans include 196 condominium units across three buildings, 41 two-story townhomes and a two-story commercial building totaling 36,000 square feet.
Residents of the property would have to walk roughly five minutes west (0.2 miles) to reach the SunRail station platform, with a signaled crossing on S. Orange Avenue already in place near the development's proposed entry.
"We're really excited about getting this property, and we see great potential here. A main reason we purchased is because of the location, just across the street from the Sand Lake SunRail station, and we're going to be very oriented in our marketing materials about having that Sand Lake Station in front of us," Isaac Peckel, partner in affiliate Mir Developments, said Thursday. "We see this as a really good location for people to live and move around the city with little need to drive."
Condo units would average 1,000 square feet with two bedrooms and two baths. Planned amenities include a clubhouse, swimming pool, gym and running track around a retention pond.
Master Real Estate would be the exclusive listing agent for condo pre-sales. Peckel said his group will look to hire a local broker to market the commercial building for office and retail lease.
Pending DP and permit approvals by the county, Mir Developments aims to start site work on the property within six months, Peckel said. He declined to estimate total investment in the project, but said Mir will likely pursue a construction loan for the commercial building.
Focused mainly on the sale and development of condos in Greater Miami, this would be the third project in Orlando for the investors from Master Real Estate, all clustered around the intersection of S. Orange Avenue and McCoy Road.
To the southeast, Mir Developments recently started vertical construction on the 120-unit Royal Palace condo complex on 5 acres at 2121 McCoy Road, and should have a model unit ready in the next three months, Peckel said.
Those units, averaging 1,000 square feet with two bedrooms and two baths, should range from $155,000 to $175,000. Full buildout of the project is targeted for year's end, Peckel said, with an equity-only investment estimated near $15 million.
Master Real Estate will also be the exclusive listing agent for Royal Palace. Mir Developments will hire a local property management firm for the complex.