Richman Group has 20 acres on Corporate Centre Blvd under contract, 240 apts planned

GrowthSpotter

Jun 30, 2016 2:44 PM

UPDATED: July 5, 2016 12:46 PM

Highlighted in yellow is the nearly 20-acre site on Corporate Centre Boulevard currently under contract, with a 240-unit apartment development proposed. Other multifamily communities nearby are noted on the map, with their estimated occupancy rates. (Cushman & Wakefield)

National multifamily developer The Richman Group has nearly 20 acres under contract north of Orlando International Airport, with a master plan recently filed to develop a 240-unit apartment complex.

The prospective buyer's name was confirmed Tuesday by GrowthSpotter. Jesse Woeppel, management associate out of West Palm Beach with the group, declined to comment on the pending acquisition and plans.

Located at 6201 Corporate Centre Blvd., the property lies just a few hundred yards northeast of DDR Corporation's new Lee Vista Promenade retail center.

The plan, filed with the City of Orlando, projects 240 units across 10 three-story buildings with associated parking, a clubhouse/lease office and pool, all on a vacant office/multifamily zoned parcel of 10.5 acres, part of 19.57 gross acres overall.

The request goes before Orlando’s Municipal Planning Board on Aug. 16. The application was made on behalf of the buyer by Brooks Stickler, civil engineer with Kimley-Horn.

Marketed for sale by Margery H. Johnson of Cushman & Wakefield, the property is now under contract to a Florida-based affiliate of The Richman Group. Forum Architecture produced elevation renderings of prospective buildings.

The land is owned by Old Republic National Title Insurance Co., which paid $3.55 million for it in November 2015.

Surrounded on three sides by conservation area, the property lies adjacent to Lee Vista, and close to six successful multifamily communities with average occupancy rates of 97 percent, per C&W’s marketing materials.

It’s within the former Orlando Corporate Centre DRI, which was rescinded in recent years and had multifamily entitlements applied.

Under current zoning, the property could be built out to 288 multifamily units.

This would be Richman Group's third apartment community in Greater Orlando; its website currently shows The Landings at Timberleaf and Clarcona Groves as assets in the area.

The Richman Group has developed more than 23,000 multifamily units across 150 projects nationwide since forming in 1987, with a mix of luxury and affordable apartments among them. The firm has 12 offices nationally, and offers development, asset management, equity investment, mortgage financing, and property management.

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