UPDATED: DECEMBER 15, 2016 9:57 AM — Multifamily developer Alliance Residential Company has partnered with a real estate fund of The Carlyle Group on the purchase of 2.3 acres at the 73-acre Ravaudage property in Winter Park, with plans to break ground Jan. 9 on a seven-story, 268-unit apartment building.
Land buyer affiliate CRP/AR Winter Park Owner LLC closed the $6.7 million purchase on Nov. 28, with a deed recorded Wednesday in Orange County.
To be named Broadstone Winter Park, the project kicks off the long anticipated second phase of development at Ravaudage by developer Dan Bellows' Benjamin Partners Ltd., first reported here in late April, and with updated plans on Oct. 18.
Alliance and Carlyle sourced a $40.11 million construction loan from Citizens Bank of Pennsylvania to help finance the project. Executives with both companies did not respond to requests for comment on Wednesday.
In September 2015, Carlyle Group announced it had raised $4.2 billion for its seventh U.S. real estate fund, Carlyle Realty Partners VII, to be focused on U.S.-based commercial and residential real estate investments.
The property lies north of Ravaudage's restaurant corner at Lee Road and N. Orlando Avenue, where the first 2 acres have been developed in the past two years for restaurants TR Fire Grill, Miller's Ale House and Zona Fresca.
FINFROCK is the design/build contractor and structural engineer for Alliance on the Broadstone apartments, which will include concrete structured parking.
Another 3.7 acres are under contract for Bainbridge Apartments to develop a five-story, 278-unit development with a similar garage.
The Bainbridge site plan should now go before the city's Development Review Committee on Dec. 21, followed by two City Commission meetings in January.
Bellows' group is simultaneously updating a capacity enhancement agreement with the school system to accommodate a second apartment buliding, and he expects Bainbridge to close on the land within six months. Scott + Cormia is the project's architect.
Plans have been approved by the city on Bellows' four-story, 97,600-square-foot building that includes 500 self storage units, ground floor retail and 11 apartments wrapping the exterior of the top floor, with rooftop terraces for those residents.
Bellows expects to begin site work there in mid-January, with his own Sydgan Corporationserving as general contractor. It's an estimated $7 million investment that should be funded with cash, Bellows said, routed via a 1031 exchange from properties his group sold in Hannibal Square earlier this year.
And an approved six-story mixed-used building, originally planned for 80 office suites and 10,000 square feet of ground floor retail/dining, may now have the office space changed to 120 hotel rooms.
"We were almost done with our drawings for that building, but we had gotten a couple calls and are now negotiating with limited service hotel flags," Bellows said.
Benjamin Partners would develop that building with Sydgan to manage the office and retail space, or hire a hospitality manager if levels 2-6 are changed to hotel use.
Construction financing from a bank is being arranged for the office/hotel building, Bellows said. It would stand on the south side of newly built Morgan Lane, directly across from the seven-story Broadstone apartments.
The development of Ravaudage has been a slow boil for Bellows since 2002, when he began acquiring land on the northwest corner of Lee Road and N. Orlando Avenue.
Fourteen years later, 73 contiguous acres have been amassed through more than 200 transactions, he said, with entitlements for the mixed-use project collected from three different governments.