An Atlanta developer is proposing Alexan at Audubon, with up to 356 apartment units set for 15 acres within the DRI of downtown Orlando's Fashion Square Mall.
Trammell Crow Residential is in the design phase for the four-story apartment complex, and will have a specific parcel master plan go before Orlando's Municipal Planning Board on May 17 for the roughly $50-million project, executive director James Berardinelli told GrowthSpotter on Friday.
The goal is to complete design by the end of summer and start construction in the third or fourth quarter, Berardinelli said. Construction could be complete less than two years after.
Planned are 11 buildings with apartments that will carry top of the market rents, Berardinelli said.
The prices, while not yet firm, will not be set as high as those for apartments in Baldwin Park or in the North Quarter, which the Trammell Crow property lies between.
The land is the old Anthem College property, which will see its buildings come down. The site lies off Maguire Boulevard, just east of the Fashion Square entrance.
It is believed the project, in conceptual form, was approved by the City of Orlando as part of Fashion Square's master plan a couple of years ago. As a Development of Regional Impact, the area must first be authorized as a large development, with the state overseeing it to mitigate impacts.
The apartment styles will be "more contemporary than some of the other communities out here," Berardinelli said. "There will be a more urban appeal to it."
The roadways will traverse a grid pattern like that used by New York City, where streets are laid out in linear fashion.
Trammell Crow also plans to upgrade Cady Way Trail, which sits on the west of the apartment property.
All in all, "The location is fantastic," including it being part of the Winter Park school system, Berardinelli said.
The DRI is entitled to 593 apartment units, which means more building could be in the cards.
But Berardinelli said he does not know if his firm or another will handle that potential development.
This is Trammell Crow's second development in the Orlando area -- the other, Alexan Crossroads, is near S.R. 417 and International Parkway -- and he is smitten.
"I am looking at several other opportunities," he said. "I would like to have two to three going on at any time."