Pollack Shores Real Estate Group is progressing on permit applications for its Winter Springs apartment development, should hire a general contractor by year's end and begin construction in the first quarter of next year, the company's regional director told GrowthSpotter.
"The Orlando market is looking strong. We're watching unit starts because there's been a lot built and planned recently in the area. But if you look at top performers in the nation right now, Tampa and Orlando are in the top five or so for unit absorptions," said Anthony M. Everett, director of Central Florida.
Encompassing roughly 12 acres on the northeast corner of SR 434 and Tuskawilla Road and walking distance from the Winter Springs Town Center, a concept plan and development agreement for the property were approved by Winter Springs' City Commission on Feb. 9.
The Atlanta-based developer hasn't settled on a unit count, but typically builds between 275 and 325 units on a site of this size for operating efficiency. An aesthetic review of the project's architectural plans remains as part of the permit review process.
Orlando-based Lochrane Engineering is civil engineer on the project, while Atlanta-based The Preston Partnership is serving as architect. Pollack Shores is talking with several GC candidates, including Wieland-Davco Corp., which is current GC on the company's other development in progress near Mall at Millennia.
That development is M North, a 288-unit project located on the corner of Millennia Boulevard and John Young Parkway. Budgeted at $38 million, this value may indicate projected investment for the Winter Springs site, Everett said, but it remains early-stage.
M North has been under construction since late 2014 and will open its leasing office in the coming weeks, with construction set to finish in Q1 2016. The development was financed by roughly 25 percent partner and investor equity, and 75 percent through a construction loan from Fifth Third Bank. The lender won over Pollack Shores with a competitive rate on a similar development in Tampa, Everett said.
Pollack Shores has become an active multi-family developer in Greater Orlando in recent years. Its 326-unit Orlando Steelhouse apartments opened in 2013 in downtown at the intersection of N. Orange Avenue and W. Colonial Drive.
The company's The Princeton at College Park development has been in the works for two years. It passed through an arduous process of approval with the city and Edgewater Drive Overlay District, but is now help up in litigation with citizen group Rethink The Princeton, which filed a legal challenge against the City Council's vote last December to approve Pollack Shores' application.
Management of Pollack Shores properties are handled by wholly-owned subsidiary Matrix Residential.