UPDATED: November 11, 2016 2:46 PM — Chicago-based developer Core Spaces paid $7.2 million on Wednesday for 6.97 acres south of the University of Central Florida, with permits ready to start site work this month for a 749-bed student housing development.
Located at 12401 E. Colonial Dr., the site is 2.1 miles south of the UCF campus, and lies across the street from the Town Park Shopping Center's anchor grocer Publix, and multiple restaurants.
The buyer was an affiliate jointly managed by Core Campus, a student housing development division of Core Spaces, and Convexity Properties, a Chicago-based commercial developer and manager.
Core Campus and Convexity had partnered on two student housing projects in 2013 near Arizona State University and the University of Mississippi, each named "The HUB."
Core Campus has developed seven HUB student housing properties across the country over the past three years. The majority are mixed-use towers of up to 20 stories, though one in Oxford, Miss., was built in a garden-style layout across six three-story walk-up apartment buildings.
Core has two more HUB student housing projects set to open in 2017 in Seattle and Madison, Wisc., according to its website.
The seller was College Suites at Woodbury LLC, an affiliate of Park Avenue Development Corp., managed by local attorney Warren E. Williams, Udo Garbe and Angelika Garbe.
PADC originally paid $2.057 million for the site in September 2008, and has led it through every stage of approvals with Orange County for entitlements, development and site plans.
From a Development Plan approved in 2011, the project will include up to 211 apartments built over three phases, with a 228,200-square-foot parking garage.
The five apartment buildings in those phases would stand four or five stories, while the parking garage will be eight stories.
Four-bedroom units will be the focus with 148, followed by 32 two-bedrooms and 31 three-bedrooms. A 3,200-square-foot clubhouse and 2,837-square-foot "student support" building would be included, with the latter allowed to have vendors like quick service foods, a hair salon and bookstore.
Site work should begin within the next two weeks, said Ben Abernathy, project manager with Mark Baron Construction. The garage should be permitted by March 1 with construction to begin in late March, followed by work on buildings 1A and 1B to start in May, he said.
The project should be complete by July 2018, with total construction costs estimated at $36.5 million, Abernathy said.
The acquisition includes a Right-of-Way agreement between the seller and Orange County from 2008, a plat for the formerly named Woodbury Student Housing recorded in 2011, and an easement recorded in 2009. Construction permits were approved by the county in late June of this year for site work.
Executives with both the buyer and seller did not respond to requests for comment on Friday.