Wellington, Fla.-based The Bainbridge Companies is considering a 296-unit apartment community along Maitland's Lake Shadow on 48 acres it has owned for more than a decade, Bob Thollander, vice president of development in Florida told GrowthSpotter on Monday.
The multifamily developer, builder, owner and operator held a pre-app meeting last week with Maitland planning staff to discuss reintroducing a Development Plan for the site, which was previously approved for condominiums in 2007.
An affiliate of Bainbridge paid $2.32 million in January 2005 for the land.
"We've remained owners of (the land) all these years, and are now bringing it back to the market as a luxury rental complex," Thollander said. "However, our development order has expired, so we'll have to take it back through the city's approval."
Bainbridge is considering a proposal of 14 three-story buildings totaling 296 units (426,484 square feet total), to occupy about 20 acres of net developable area on the property's 48.04 gross acres.
Located primarily at 2270 Shadow Lane in Maitland, the property features shoreline on Lake Shadow in the southwest city limits of Maitland.
The property was previously zoned Planned Development, and the new request includes a 50-unit increase from the PD submitted in 2007. The land now lies within the Maitland West Side Special District.
"Building codes have changed, so we're redesigning the project as a typical garden-style three-story with a lot of garages for direct entry," Thollander said. "We'll develop less than half the acres; the rest will be put in conservation."
The project could include a one-story clubhouse, attached pool and a dog park or playground, according to a conceptual site plan produced by Madden Moorhead & Glunt civil engineers. The company plans to make off-site improvements for accessibility, he added.
Bainbridge's next steps will involve updating and renegotiating a previous developer's agreement it had with the city, and at the same time starting to produce its Development and Construction plans for eventual submission, Thollander said.
Thollander declined to estimate total investment through buildout for the Maitland project at this time.
Bainbridge currently has more than 1,500 new units in various stages of development between five multifamily projects in Greater Orlando.
Aside from the newest plan in Maitland, those include 3.3 acres under contract for 296 units and structured parking at Dan Bellows' Ravaudage property in Northern Winter Park, up to 322 units nearing construction on 16.26 acres of the former Marriott Pines Golf Course off S. International Drive, 288 units of Class A apartments across from Lake Nona High School in southeast Orlando, and a 336-unit complex on U.S. Highway 17-92 near S.R. 436 in Casselberry, based next to the Casselberry Exchange shopping center.
The company currently owns or manages 10 other apartment communities in Greater Orlando, according to its website.