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Boca Raton developer nears rezoning for mixed-use plans on SE Lake Nona corner

Boca Raton developer nears rezoning for mixed-use plans on SE Lake Nona corner
Rendering of planned apartments at the Nona Cove development off of Narcoossee Road. (Genesis Studios)

South Florida-based Futura Development Company has earned the rezoning needed for its first project in Greater Orlando near Lake Nona, and will seek an equity partner and construction lender in the coming months.

Futura previously paid $3.05 million in May 2017 to complete an assemblage of what is now measured at 10.9 acres, with frontage on Narcoossee and Boggy Creek roads on Lake Nona's southeast corner, just north of the Orange-Osceola county line.

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Dubbed "Nona Cove" by a Master Plan filed in March, Futura received final approval from Orlando City Council on Sept. 4 to rezone to Planned Development, with entitlements of up to 260 apartments, 45,000 square feet of commercial uses and 124,000 square feet of self storage use.

An updated color site plan of the 10.9-acre Nona Cove development, at the corner of Narcoossee and Boggy Creek roads.
An updated color site plan of the 10.9-acre Nona Cove development, at the corner of Narcoossee and Boggy Creek roads. (City of Orlando)

The PD ordinance and Growth Management Plan amendment were adopted.

With entitlements nearly in hand, Futura President Reinerio Faife told GrowthSpotter he will work over the next few months to recruit an equity partner to the project and prepare construction documents for submission in the fall.

Construction financing would be sought in the coming year to break ground by mid-2019, a delay of about three months from his estimated timeline in March.

"That's for the multifamily and self storage segments first, the retail timing may fluctuate, I see that more as infill," Faife said.

His goal for the multifamily segment is to build the property, lease it up and be open to repositioning the asset for sale or holding it long term. Established national self storage operators will be interviewed in the coming months for the branding and management contract on that asset, Faife added.

Faife doesn't plan at this time to subdivide his land into lots for individual sale, and prefers to own and develop the multifamily and lease the retail-commercial space.

Construction cost for the multifamily and self storage segments of the project is currently forecast near $75 million, said Faife, who estimated his business entity would contribute between 10 and 20 percent of the capital stack.

An architect by training, Faife had more than 10 years of development experience with some of the country's largest multifamily developers leading up to 2009, when he started Futura after departing Archstone in the wake of its September 2008 bankruptcy filing.

Elevation of the retail segment of the planned Nona Cove development in southeast Orlando.
Elevation of the retail segment of the planned Nona Cove development in southeast Orlando. (City of Orlando)

Faife broke ground on his first Class A multifamily project in 2012 in Wellington, Florida. The Lake Nona property would be his first venture outside multifamily and first in Greater Orlando.

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The neighborhood retail and self-storage facility would stand to gain from future housing growth directly north in the Eagle Creek golf community, and Tavistock Development Company's planned 2,734 residential units for the 1,800-acre Poitras Property.

Faife said he worked with Robert Francis of The Heron Group for more than a year prior to filing the project's MP in March to determine a best mix of uses for the site.

Genesis Studios provided architectural renderings for Nona Cove on its latest PD request and Dan O'Keefe of Shutts & Bowen has served as legal counsel.

Z Development Services is civil engineer on the project, Charlan Brock Associates designed the multifamily, Charlotte-based Overcash Demmitt is architect on the self-storage and retail, and Blurock Commercial Real Estate is marketing the retail space for lease.

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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