Altamonte Springs-based ContraVest projects to break ground Sept. 1 on its 316-unit Addison at Windermere apartment community after paying $6.95 million on Aug. 15 for the 15.85 acres, and is still hiring subcontractors, principal Steve Ogier told GrowthSpotter.
Located on Summerport Village Parkway, southwest of the intersection of Ficquette and Winter Garden Vineland roads, the site lies directly south of the Cornerstone at Summerport Publix Shopping Center, and will have partial access through that center's parking lot.
All-in development cost is now projected at $49.8 million, Ogier said. ContraVest has an equity partner in the project, and is financing with a primary senior construction loan of $34.88 million (70 percent of cost) signed on Monday with Fifth Third Bank.
The developer, builder and manager of market rate multifamily communities shopped the loan, but Fifth Third won based on its competitive terms and an existing relationship they have on a Tampa project, Ogier added.
ContraVest Builders is the general contractor, has bid out subcontractor opportunities and is still open to new bids, said Ogier, who serves as president of the construction affiliate. Site work will be done by Dewitt Excavating.
Ogier expects to start construction on Sept. 1 or shortly after, with final permits projected to come in by end of August from various local and state entities.
The parcel was sold by Clarcona Inc., an affiliate of local real estate owner and developer Lee Chira & Associates.
Acquiring the land was a 20-month effort, Ogier said. ContraVest was contacted about the site in 2014 and competed for it amongst other developers.
The seller rezoning an adjacent parcel along the same time ContraVest was planning its development, which prolonged the process. An 8.93-acre parcel directly southwest of ContraVest's land was sold by Clarcona to KB Home Orlando in November 2015 for $600,000, where the company plans to build 100-plus townhomes.
The project is the latest in a busy year for ContraVest locally.
The company filed a Development Plan Tuesday with the county for its 344-unit second phase on Universal Boulevard, at the intersection with Destination Parkway.
The company broke ground in April on the 292-unit Addison on Millenia, which occupies 11.5 acres of the 87-acre Gardens on Millenia, a retail center being developed jointly by South Florida-based Stiles Corporation and BBX Capital. The property is bordered by Millenia Boulevard and Interstate 4.