Wellington, Fla.-based The Bainbridge Companies is an estimated two weeks away from closing on 15 acres along Lake Whippoorwill, and should start site work next month for a 288-unit apartment complex near the growing Lake Nona community.
Located in the northeast quadrant of Narcoossee and Tyson roads, Bainbridge expects to close Nov. 1 on the property, vice president of development Bob Thollander told GrowthSpotter.
The land is now owned by Lake Nona Holdings LLC, an affiliate of James Ekbatani and Winter Springs-based HealthFair.
To be named Bainbridge at Nona Place, the three-story, garden-style Class A multifamily project will have 288 units, of which 50 percent will be two-bedroom, 35 percent one-bed and 15 percent three-bed.
The northeast corner of the property features frontage on Lake Whippoorwill, with a clubhouse, boat dock and gazebo among amenities planned for the community.
"We're real interested in getting into this submarket of Orlando," Thollander said. "The growth of Lake Nona and of property along Narcoossee Road will drive (multifamily) demand."
Capitalization for the development is estimated at $47 million overall. The site was annexed into the City of Orlando in the first quarter of this year.
Site work should start immediately in November after closing, with a 16-month construction time line projected, Thollander said. A Development Plan has been approved by the city, and construction plans are now under review.
Bainbridge will build two new access roads into the property, and will do off-site improvements to the neighboring main roads, with an agreement to repave Tyson Road and add a left turn lane to the middle of Narcoossee Road.
The site lies directly east of Lake Nona High School, and south of the 274-unit Dwell Nona Place apartments.
Bainbridge's equity partner on the development is CNL Group, and it sourced a construction loan for the project from Citizens Bank, which it has worked with on past local projects.
Architect on the project is Slocum Platts, and civil engineer is PE Group. The developer's construction affiliate will serve as general contractor, and its property management division will oversee the community.
The Lake Nona-area project is one of five that Bainbridge has in varied stages of development around Greater Orlando, with more than 1,500 new units.
Those include 3.7 acres under contract for 278 units and structured parking at Dan Bellows' Ravaudage property in Northern Winter Park, 322 units on 16.26 acres of the former Marriott Pines Golf Course off S. International Drive starting construction this month, 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.