Charlotte-based owner/operator Northwood Ravin is close to breaking ground on its first apartment community in Greater Orlando just east of Vineland Premium Outlets, with a construction loan still sought and keen interest in acquiring more land for a second project, the company's Florida development partner told GrowthSpotter.
Located at 7510 Lake St. on the southeast corner with Daryl Carter Parkway, the 13.72-acre parcel was bought by a Northwood Ravin affiliate for $7.6 million last August. Tampa-based developer Framework Group represented Northwood Ravin on its entry to the Tampa market last year, and is steering the company's first development in Orlando.
The 309-unit complex will include a clubhouse, pool and other amenities. The project's Development Plan was approved by Orange County in late March. That followed five months of negotiations with a nearby parcel owner to buy their permission to use all the remaining residential entitlements in the properties' shared Planned Development zoning.
Now nearing a construction start, total investment in the project should reach $55 million through buildout, said Phillip A. Smith, president of Framework Group. He said his firm is still searching for a construction loan in the range of $45 million to $50 million.
Framework Group filed its plat for county review on May 2, and filed commercial building permit applications for four apartment buildings on the property on April 20. Smith estimated the project to break ground some time this summer.
Looking forward, Smith said Framework Group is actively looking for more land acquisition opportunities in Greater Orlando for Northwood Ravin, favoring sites close to employment centers, transportation infrastructure and urban areas.
Smith said he likes mid-rise opportunities in Downtown Orlando, and is very interested in Transit-Oriented Development (TOD) sites near future Sunrail stations in the area.