UPDATED: May 7, 2018 6:16 PM — An affiliate of developer Jefferson Apartment Group filed plans Friday for a lakefront multifamily project in Orlando's tourism corridor, emerging as the long-anticipated anchor for 65 acres surrounding Boo Boo Lake.
Located at 9200 Turkey Lake Road, the Jefferson project site covers a 24.5-acre lot under contract on the property's western end, facing Big Sand Lake. Dubbed "Azul Sand Lake Vista," the project's Development Plan calls for 262 units across two five-story buildings that would line the lake.
A two-story, 10,500-square-foot clubhouse would anchor the development's northern end and entrance, with an outdoor pool amenity area facing the lake.
Local officials with Jefferson Apartment Group did not respond to requests for comment.
Two observation boardwalks onto Big Sand Lake and the internal Boo Boo Lake are proposed, but would require separate review and approval by Orange County.
This would be Jefferson's second multifamily development in Orlando and fifth in Florida.
Jefferson developed and owns the 299-unit 420 East apartments in downtown Orlando along E. Church Street. It had been planning the adjacent 364-unit "520" apartments project since 2015, until Camden Property Trust bought the land last month to see the project through construction.
GrowthSpotter first reported in April 2016 that developer Randall F. Greene's RG Development and Investments, an affiliate of property title holder DCS Real Estate Holdings, was working to refocus future land use for the 65 acres on Big Sand Lake, swapping out timeshare residential for multifamily and commercial in an effort to kickstart development after years of stagnation.
Another 10.59 acres across seven commercial lots are being marketed or are under contract on the property's eastern half, facing Turkey Lake Road.
One of those lots is under contract and well into development review for a 119,465-square-foot self-storage facility. 7-Eleven is lined up for a one-acre land lease (Lot 2).
DCS now has users under contract and in due diligence for all but one outparcel, Greene said Monday. The largest lot, originally earmarked for a hotel, has been repurposed for another commercial user under contract, added Greene, claiming multiple prospective hotel developers could not arrange financing for the site.
To help prepare the entire property for development, DCS also filed a commercial permit request on May 4 to begin mass grading, road paving, utilities and stormwater pond excavation.
New multifamily development in Orlando's tourism corridor is being driven by a number of promising market dynamics, including population growth, and new jobs being added by employers in the submarket like Lockheed Martin and Universal Orlando.