Subcontractors will soon be sought for construction to begin by August on Longwood's Alexander at Sabal Point luxury apartments, to be built on part of an old golf course.
The project received a positive nod Wednesday, when Seminole County planners appeared satisfied that final tweaks would be made to a Development Plan and Preliminary Subdivision Plan that representatives submitted.
The Alexander development, which Riva previously told GrowthSpotter will cost more than $50 million, will be constructed on the last remaining large parcel in that part of Longwood — onSabal Club Way, near Wekiva Springs Road.
The project will use parts of the 10th and 18th fairways and occupy where a clubhouse, pool and tennis courts once stood.
Riva started Alexander Investments International a year-and-a-half ago to develop luxury multi-family housing. He was with Winter Park-based Epoch Propertiesfor a quarter century, including 10 years as president.
The parcel is under contract with Golf Brooke LLC, whose principal is South Florida businessman Luis Alonso, property records show. Golf Brooke LLC purchased the land for $3.15 million in mid-2006.
Riva is setting an aggressive timetable, saying the first of the 286 apartments should be ready at the start of 2017. He's looking at completion within two years. Monthly rents are estimated to begin at around $950, up to $1,800.
The golf course has been closed for at least a decade, following the trend of such expensive facilities falling out of favor with residents, and other uses being sought.
Under Riva's plans, about 24 acres will be used to develop the apartments and more than 65 acres donated as open space to area residents.
Riva also plans to give residents enough money to maintain the open space for the next 20-plus years. The exact amount is part of a written agreement with the homeowners that has not been made public. Riva would not disclose the amount.
"I thought of it as a win-win situation," Riva said. "The residents get stability and open space, the county gets a property that contributes to the tax rolls and the local economy, while we are able to proceed with our community."
In addition to the apartments, amenities of Alexander at Sabal Point will include a spa-sized pool and outdoor dining areas.
The apartments will be surrounded by communities like Sabal Park Apartments, Golf Brook Apartments, Sabal Club Apartments and Windsor at Sablewalk.