Atlanta-based multifamily developer Pollack Shores Real Estate Group has 11.5 acres under contract near the University of Central Florida, with plans for up to 230 units at a price point it expects will undercut most new Class A apartments by at least $500 per month.
The developer filed a request on Tuesday with Orange County for a pre-app meeting to discuss Planned Development rezoning options for land within the original University PD.
Three separately owned parcels are under contract to make up the 11.5 acres, based southeast of the intersection of University Boulevard and N. Dean Road, and 2.4 miles west ofUCF.
The site was originally planned for a Walmart Neighborhood Market and is now zoned for such commercial. Pollack Shores' request would actually downzone the property to 20 units per acre and reduce trips on the adjacent roads.
"Everyone is trying to (develop Class A multifamily) to charge rents close to $2,000 per month on average," Anthony Everett, director of development in Central Florida for Pollack Shores, told GrowthSpotter on Tuesday. "This is part of our continuing program to build high-quality apartments we can deliver at a lower average rent that is affordable to more people."
The prospective sellers include the James W. Hickman Revocable Trust (6 acres), Dean and Univ Investments LLC (1.5 acres) which paid $550,000 in 2015, and Heron Senior Housing LLC (4 acres) which paid $1.1 million in 2002.
Pollack Shores currently has two other apartment projects under construction in Greater Orlando: the 237-unit Adeline in Maitland and 205-unit The Princeton in College Park. Both are expected to have tenants moving in or be complete the year's end, Everett said.
On the Dean Road site, the developer anticipates having the permits necessary to break ground in early Second Quarter 2019, with a 15-month construction window for completion.
Total project cost is currently estimated at $36.5 million, Everett said, and a lender has yet to be signed for a necessary construction loan. The company's affiliate Matrix Residential would manage the property.
The new project will be similar in design to Pollack Shores' M South apartments in Tampa, which was a copy of its M North project in Orlando on Millenia Boulevard that sold in August 2016.
That design includes an amenity package with a resort-style swimming pool and fire pits, clubhouse with fitness center, outdoor bar with kitchen and grilling area, high-speed internet access, private garage parking and dog park.
The Preston Partnership is the project's architect, and Lochrane Engineering (now NV5 Engineering) is civil engineer. A general contractor has yet to be signed, but Wieland Construction is anticipated to get the project after having built three apartment complexes for Pollack Shores between Orlando and Tampa in recent years, Everett said.