UPDATED: January 23, 2017 8:07 PM — Winter Park-based Alliance Residential Company has property fronting Lake Ivanhoe in Downtown Orlando lined up for purchase, with plans to redevelop as a 10-story mixed-use project that will bring more residents and office space to burgeoning Ivanhoe Village, a lead executive with the company told GrowthSpotter.
The developer filed a master plan on Monday with the city for "Broadstone Lake House," a 288-unit multifamily tower with an estimated 39,000 square feet of live/work space on the ground floor.
To be located at 301 N. Ivanhoe Blvd., the project would occupy 2.41 acres across two parcels, the bulk of which is the 2.11-acre property now home to the Baldwin-Fairchild Funeral Home. That land is owned by the Erika M. Baldwin Trust, managed by Matthias & Matthias PL in Winter Park.
A 0.30-acre portion in the northeast corner of the project site is owned by Doug Toler, currently serving as the rear to A and T Antiques that fronts N. Orange Avenue. That land would be included in the development via a lot split.
Alliance has agreements in place to buy both properties, pending approval of plans by the city this year, said Tim Graff, director of development.
"The frontage along Lake Ivanhoe and unobstructed views of Downtown Orlando's skyline will make this project unique," Graff said. "We like the Ivanhoe corridor there with its cool shops, walkability, and the site's proximity to jobs in the Health Village district and downtown offices."
The project would lie a half-block west of Real Estate Inverlad Development's 7.6-acre The Yard at Ivanhoe, where site work is underway for what will be 630 apartments with 57,000 square feet of retail across three buildings.
Graff said he and Alliance colleague John Zeledon have been pursuing a deal on the Baldwin-Fairchild property for years.
"John and I have been working on this deal with the funeral home site owner since when we were at a previous national multifamily development company, in the last investment cycle before the economic downturn," Graff said.
"At that time our interest was condos because it made more sense as a for-sale project. Orlando just didn't have the rents at that point to support" multifamily in high-rise construction on the site, he continued, but now the market does.
The plans currently include 167 one-, 82 two- and 39 three-bedroom units, a mix that may change in the coming year, Graff said.
An integrated nine-story parking garage should have 515 spaces, for what is currently 448 bedrooms. The live/work office space is included to earn density bonuses from the city.
Alliance's master plan has yet to be scheduled for an Orlando Planning and Zoning Board hearing. Earning that approval through City Council is likely a four-month process, to be followed by construction permit filings in the third quarter, Graff said.
The company could close on the land purchase in late 2017 or early 2018, followed by a groundbreaking in first half of 2018, he added. Graff declined to share an initial pro-forma cost analysis for the land and construction.
This would be Alliance's third active multifamily project in the Greater Orlando market, following the 392-unit Broadstone Passerelle in Altamonte Springs currently under vertical construction, and the 268-unit Broadstone Winter Park at Ravaudage where site work began in the past month.