Altamonte Springs-based ERM Development Corp. wants to build a 50-unit luxury, lakefront condominium community in Maitland that will appeal to well-off empty nesters.
ERM president and owner Eli Melamed told GrowthSpotter the proposed condos at 473 S. Keller Road will be approximately 2,100 square feet and will be priced in the $300,000s. Melamed said there is a market for this new community because most of the recent multifamily development in Maitland has been apartments.
"Condos have not been built in town for the last 10 years,” Melamed said. “There have been a lot of apartments being built but I think there is a population, especially older, that will buy condo units instead of renting any type of apartment.”
ERM’s request to rezone the 4.71-acre project site from R-1, residential, to PD, planned development, is at the beginning of Maitland’s approval process, chief planner Sara Blanchard said. The Planning and Zoning Commission planned to take initial public comments on the condos Thursday night and forward the case to the city’s Development Review Committee
Blanchard said the P&Z Commission will either request that the DRC, after its review, send the application back to the planning commission for further study, or the commission will tell the Development Review Committee to forward the project directly to the City Council, which will make the final decision.
The condo project, for now, is called 473 Maitland Condominiums, but that could change, Melamed said. It will consist of three buildings, six stories tall, with the ground floor for parking. Two of the buildings will have 20 units each, with 10 more units in the third building. Parking will total 102 spaces, with 60 of those in the ground floor parking garages.
Amenities for the community, which will be built along the shores of Lake Shadow, include a pool, lanai and clubhouse.
The community’s location in Maitland is one of its major advantages, Melamed said.
“It’s not far from hospitals and all the activities,” he said. “There is no new housing being built around this and it’s a desirable location. We think that location with the size (of the condos), the amenities … I believe there is a market for us.”
Though ERM is a development and construction firm, the company might hire a general contractor for this project, Melamed said. He hopes to start site work by next summer with construction taking about one year.
Three years ago, ERM built Maitland Village Townhomes, an 88-unit community with townhomes sized at 2,224 square feet to 2,519 square feet. The company also built Lotus Vista Condominium in Altamonte Springs 12 years ago. Like Maitland Village, all the units in Lotus Vista have two-car garages.