Pollack Shores Real Estate Group has spent the past two and a half months closing 13 parcel acquisitions from 10 separate property owners within a College Park city block, spending $5.531 million overall for the land where it plans The Princeton at College Park.
Located in the nook where W. Smith and W. Princeton streets meet, the 206-unit apartment development and parking garage will lie directly behind the CVS Pharmacy that fronts Edgewater Drive.
A total of 2.55 contiguous acres were acquired from the 10 owners, most of which were individual families or trusts that earned between $200,000 and $600,000 for lots of a quarter acre or less.
A third of the property (0.84 acres) was bought for $1.55 million from Princeton Center LLC, an affiliate of Orlando-based Real Estate Collaborative, owned and managed by local developer James W. Kersey.
As part of the city-approved development requirements for The Princeton, Kersey's firm must renovate the CVS building it owns on Edgewater Drive. The apartment complex's certificate of occupancy is contingent on it.
"We'll be upgrading and modernizing the facade of that building, we've just started design work on it," said Kersey, a former lead executive of CNL Realty Group and partner with Lincoln Property Company. HuntonBrady Architects and Harris Civil Engineers are on the project.
Kersey said it was too early to forecast a budget or timeline for renovation work on the CVS building, noting that it was contingent in part on a timeline of work by Pollack Shores that has yet to be finalized.
In its acquisition of Kersey's property, Pollack Shores agreed to install water retention measures around the surface parking lot for the CVS building. Kersey said the multi-family developer is still formulating its schedule for that work.
A building permit application by Pollack Shores for the apartments is currently under review by the City of Orlando.
Officials with Pollack Shores did not respond to requests for comment Friday, regarding an updated timeline for groundbreaking on the apartments.
Through an LLC affiliate, Pollack Shores acquired a loan of $29 million from T.D. Bank out of Coral Gables to finance the property acquisitions and development.
The multi-family developer and property manager out of Atlanta had its development plan approved for The Princeton in December 2014 by Orlando's City Commission, but the project was delayed for nearly a year by a group of residents that challenged that vote in court.
Named "Rethink the Princeton," the group had argued the project violated Orlando's Growth Management Plan, and terms of the Edgewater Drive Vision Plan. The group dropped its lawsuit in mid-November of last year.