Winter Park-based multifamily developer Epoch Residential filed plans Wednesday for its first apartment complex in Orlando's tourism corridor, set for 10 acres under contract that lie adjacent to a future Interstate 4 interchange.
GrowthSpotter first reported in late August that Epoch had a 10-acre site under contract along Palm Parkway just south of the Daryl Carter Parkway intersection, part of a 19.78-acre parcel owned by an affiliate of Daryl M. Carter, president of Maury L. Carter & Associates.
The developer plans 250 Class-A apartments there in three four-story buildings. The newly-filed Development Plan shows the buildings with an integrated clubhouse, recreational open space, swimming pool and 440 surface parking spaces.
"It's a great property and location for apartments, with a lot of demand in that area and a lot of job growth, but not much real estate still available," Carter told GrowthSpotter on Wednesday.
One challenge overcome by Carter and Epoch in recent months involved moving this parcel from the Ruby Lake Planned Development zoning into the adjacent Hannah Smith PD, which the balance of Carter's holdings in that area fall within.
There is also a depressional sink area on the southern edge of the property that will be focused as a wet pond open space, per the DP.
Outside of this Epoch site under contract, Carter has about 86 acres remaining on the market around that intersection of Palm and Daryl Carter parkways, for which multiple offers are being weighed, he said.
That stretch of the tourism corridor has drawn multiple new multifamily investments in the past two years, including Northwood Ravin's market-entry project now under construction near Vineland Premium Outlets, 10 acres under contract by a national developer facing Big Sand Lake for up to 286 units, and Houston-based The Hanover Company buying 17.74 acres further north along Turkey Lake Road for a planned 394 apartments.
Directly southwest of the Epoch site along Palm Parkway is a 2.75-acre parcel that was under contract to Simply Self Storage this summer up until September, when it dropped the site. TD Self Storage now has the site under contract, is planning up to 100,000 square feet of conditioned area, and must first get a PD amendment that's likely to be requested in December or January.
Epoch and other property owners along Daryl Carter Parkway are banking on the future construction of an I-4 interchange by the Florida Department of Transportation (FDOT).
FDOT has an official project number assigned to the future interchange, which is still working with adjacent property owners Carter and O'Connor Capital Partners on land contribution agreements. If approved, construction wouldn't start until 2018 at the earliest.
East of the Epoch site and across I-4, work on the first phase of O'Connor's 69-acre Vineland Pointe retail center is underway. Williams Company has been leading horizontal site work and infrastructure on the Phase 1 buildings for a Ross, Burlington and Marshalls, and vertical construction has been approved to start, said Lee McNeil, business development director.
This would be Epoch's ninth or 10th apartment complex active in its Greater Orlando portfolio, depending on the timing of development for a 340-unit project on Winter Garden Vineland Road that is ahead in the pipeline.