Altamonte Springs-based LeCesse Development Corp. paid $5.625 million last week for its portion of a three-way joint venture in Orlando's SoDo district, and should break ground there within days on the Phase 1 apartments at "Lucky's Corner."
The merchant builder partnered in 2016 with local developers Blurock Commercial and Intram Investments to build and manage the multifamily portion of their $75 million mixed-use redevelopment project, which covers 11.75 acres on the southeast corner of S. Orange Avenue and E. Pineloch Street.
LeCesse's purchase of the southernmost 3.7 acres closed Jan. 25, and was recorded Tuesday in Orange County.
The builder has its construction permits approved by the city, should begin laying foundation in February and erecting the parking garage in March, president Salvador LeCesse told GrowthSpotter.
A timeline for delivery of the first units would run 16 to 17 months after groundbreaking, he added. Roger B. Kennedy, Inc. is general contractor on the project.
Through its Ecco on Orange LLC affiliate, LeCesse sourced a $40.2 million mortgage from Fifth Third Bank to help finance the land purchase and construction.
Originally dubbed "Southside Shoppes," the project's 59,787-square-foot retail center was renamed "Lucky's Corner" in mid-2017 when specialty grocer Lucky's Market was confirmed as anchor tenant.
Intram-Blurock is in the midst of horizontal construction now for infrastructure and site improvements, and should break ground on its first few retail buildings within 90 days, said Randy Hodge, executive vice president with Intram Investments.
Signed retail tenants include Lucky's Market, Starbucks, Global Mattress, Pacific Dental, Twistee Treat and Jersey Mike's Subs.
The S. Orange-Pineloch intersection boasts an Annual Average Daily Traffic (AADT) count of 36,453, as of 2016 figures from Orange County and the Florida Department of Transportation.
The location is one of six that Lucky's Market has in varied stages of development in Greater Orlando.