An Indiana-based multifamily developer has filed preliminary plans for a $40 million luxury apartment complex in the heart of the ChampionsGate/Reunion submarket.
Representatives with The Garrett Companies met last week with Polk County's Development Review Committee for a Level 1 pre-application review of the project they're calling Echelon at Ovation.
Eric Garrett started the boutique development company three years ago after a long career as managing partner at Watermark Residential. Chief Operating Officer Matt Griffin told GrowthSpotter this is the spin-off company's first deal in Florida.
"We have been doing this for quite a few years, and this site and the market is a perfect match for us," Griffin said. "We're looking at two other sites in the area now."
The 240-unit gated complex is slated for a 19-acre parcel at the southwest corner of C.R. 532 and Lake Wilson Road, behind the Publix-anchored Market at Ovation shopping center. Garrett expects to receive permits and close on the property in late May 2018, and break ground shortly therafter.
"This is our 'Big House' product," Griffin said. "It's a 10-unit building, all with private entrances and private garages. It really lives more like a condo community. We even have concierge trash collection for our residents."
Initial plans call for a resort-style amenity package to include a luxury pool and spa, TV lounge, computer lounge, fire pit, outdoor recreation area, fitness center and full-size washer and dryer in each unit, along with a dog park in the center of the complex. The main entrance would be off Lake Wilson Road, across from a new Aldi-anchored shopping center.
The complex would contain a mix of one-, two-, and three-bedroom garden-style apartments with an average unit size of 1,087 square feet. Humphreys & Partners is the architect.
The stretch of Osceola-Polk Line Road (S.R. 532) is experience a building boom with the recent opening of Legacy Union Square apartments, first reported by GrowthSpotter in 2016. Goldberg Companies is now building Phase 2 of that 600-plus unit community.
Just across the I-4 interchange at ChampionsGate, Investors Realtycompleted The Gate apartments this fall. Two more Class A communities are in the works in that area.