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UPDATED: August 17, 2016 6:16 PM — Altamonte Springs-based ContraVest is pressing forward with its second phase of apartments on Universal Boulevard, filing plans Tuesday with Orange County for 344 units northwest of the intersection with Destination Parkway.
The developer, builder and manager of market rate multifamily communities has had this 12.17-acre parcel under option-contract from Orlando Equity Partners for more than a year, which neighbors its first phase, named The Courtney (355 units).
Leasing of that phase is now near 95 percent. Continued job growth in the tourism corridor and road expansion plans prompted the company to activate Phase 2, Mark Ogier, president of ContraVest Development, told GrowthSpotter on Wednesday. Closing on the property is projected for First Quarter 2017.
The property lies less than a half mile north of the final mile extension of Destination Parkway, now slated to start construction in November of this year and run through April 2018. The new four-lane road will be the last segment to connect International Drive to John Young Parkway.
The second phase's 344 units will be spread across six four-story buildings, with 32 studio units, 125 one-bedroom, 160 two-bed, and 27 three-bed, according to plans. It will also have four carriage buildings with two walk-up units each.
Total project cost could be forecasted around $57 million, Ogier said, a figure that will vary due to design and permit requirements.
Dubbed The Addison at Universal Apartments, the second phase will be independent of The Courtney. Amenities on the site will include a swimming pool and pavilion area (0.45 acres), dog run (0.11 acres) and a barbecue pavilion space.
The apartments will be surrounded by 20 acres of retail and dining outparcels wrapping the hard corner dubbed Destination Shoppes, being developed ComTerra Development Group and Craft Development Corp. out of Toronto.
Jim Nashman, principal with ComTerra, said Wednesday his team continues to receive interest from themed and branded restaurants and entertainment venues for Destination Shoppes, as well as a fuel station. He declined to name specific retailers.
The development will focus on ground leases and build-to-suit options, to maintain ComTerra's ability to transition Destination Shoppes to more dense, vertical development over time.
Charlan Brock Associates is the architect on the new apartments DP, Kimley-Horn is civil engineer, and PEC-Surveying and Mapping was the surveyor.
The new phase from ContraVest is the latest in an enduring wave of multifamily plans introduced to the tourism corridor within the past year.
Atlanta-based developer Trammell Crow Residential filed plans on Wednesday for 656 apartments on 26 acres it's preparing to buy in the heart of Orlando's tourism corridor, northeast of Universal Boulevard and between planned sites of Topgolf, Andretti Indoor Karting & Games.
Wood Partners filed plans on Tuesday for 314 units east of the tourism corridor on Central Florida Parkway.
Brazilian builder Davila Custom Homes and South American partners paid $1.145 million in mid-July for 8.88 lakefront acres on Westwood Boulevard near SeaWorld, with plans ahead for up to 80 high-end condominium apartments.
Just 0.3 miles north of Davila's property, Washington, D.C.-based equity firm Carlyle Group formed a joint venture last year with Flournoy Partners of Georgia to develop 268 luxury apartments, on a 12-acre undeveloped parcel fronting Interstate 4 and Westwood Boulevard.
And directly east, across Westwood Boulevard, are 206.76 acres of the former Marriott Grande Pines Golf Course now being developed into three apartment communities totaling up to 782 units, and 436 single-family homes and townhouses.
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