A local general contractor may be seeking a construction lender in the coming months to get behind his first personal investment in commercial development, a 27-unit multifamily project in Southeast Orlando.
Located at 6847 Hoffner Ave., the 1.5 acres across two parcels lie just west of an intersection with S. Goldenrod Road, and generally north of Lee Vista Boulevard and Orlando International Airport.
Devindranath "Dave" Dhaniram, owner of Danson Construction Company, has built a number of residential and small-scale commercial projects across Greater Orlando over his long career, and led development for clients on retail strip centers and an 8-unit multifamily project in Kissimmee.
But this would be Dhaniram's first foray into developing and building a project that he owns and manages himself, setting up his first asset to produce passive income for eventual retirement, he told GrowthSpotter on Tuesday.
Dhaniram paid $57,000 for the main 1.1-acre parcel in 2000, and has the neighboring 0.4-acre parcel under contract for purchase from owner Alberto Gabbrielli and Clifford G. Shaver.
Those co-owners filed an annexation request with the City of Orlando in mid-February, coordinated by Florida Engineering Group, Inc., on behalf of the prospective buyer.
Dhaniram originally filed a determination request for an administrative Master Plan with the city back in March 2015 for 27 apartments on the site. The unit count was approved, but he never followed through on submitting an MP because of lack of financing.
"Most of the site engineering is done and it is up to grade, as soon as I get financing I'll move ahead," said Dhaniram, who estimated $1.8 million to $2 million would be his construction loan target. "I haven't gone looking for money yet because I understand I can't qualify for a loan until I get at least $500,000 of equity invested in the property."
If annexation is approved, Dhaniram said he'll work with an architect to flesh out the project's plans, and estimate a total development cost. He has worked often in the past with KAD Designs of Kissimmee.