Altamonte Springs-based ContraVest has signed on as a JV partner with the owner of 64 acres north of Orlando International Airport and plans to build up to three new apartment complexes there.
Hollywood-based shopping center developer JBL Asset Management bought the "Orlando Gateway" property, which is located on Semoran Boulevard and Shadowridge Drive, in late 2016 for $23 million. JBL also owns and manages the retail portion of Gateway that includes Bonefish Grill, IHOP and several other national branded restaurants.
Managing Director Jacob Khotoveli told GrowthSpotter he teamed up with Contravest because he wanted to bring in an experienced, local firm for the the multifamily development at Gateway.
"He's the multifamily king of Orlando," Khotoveli said.
Contravest President Steven Ogier said he's already held a pre-application meeting with city officials and plans to submit development plans for the 323-unit complex in December to get on the February Municipal Planning Board agenda and, hopefully, to City Council in March.
"It's going to be called Addison at Gateway," Ogier said on Friday. "We're doing a 4-story, elevator-served product with an integrated clubhouse. It will have the typical amenities we've done in our other Addison communities -- resort-style pool, business center, fitness center, dog wash and dog run."
"We've done 28 deals with those guys," Ogier said.
The Addison complex would be constructed on the 11-acre site east of Shadowridge. Meanwhile, Khotoveli has applied for a mass grading permit for the 20 acres directly across the street that was entitled by the previous owner.
"We have the potential to do as many as 700 units on Phase 2 and 3," Khotoveli said. "We're thinking ahead and working on mass grading to try to increase the usability of the 20-acre site because it has conservation and wetlands on it. We're working with Bio-Tech Consulting to help us get through the Army Corps of Engineers and water management district permitting to maximize the use of the 20 acres."
The second multifamily parcel is immediately south of Airport Lakes Park, which has sports fields, hiking trails and a fishing dock.
"That's a great amenity for our residents," he said.
Both men agreed that time is of the essence. "Jacob and I are racing to get (permits) in before Orange County raises their impact fees," Ogier said. "They're looking at raising transportation and school impact fees next year."
Last year Osceola County nearly doubled impact fees for new apartment construction. Contravest had considered building an Addison-branded complex in ChampionsGate last year, but pulled the plug on the project because of the impact fee-hike.
He said the airport submarket has pent-up demand for new multifamily product, pointing to the successful lease-up of LeCesse Development's Jubilee Park complex in 2016.
"LeCesse is now underway with Phase 2, and that's the newest product in the trade area," Ogier said.