Just weeks after divesting of two Millenia Lakes office buildings, a Chicago-based investment firm will go to Orlando's Municipal Planning Board seeking approval to build 323 luxury apartments just across the lake.
Barings Real Estate Advisers and a development partner, American Land Ventures (ALV), updated their Master Plan filing with new plans and renderings of the project they're calling Millenia Lakes on one of the largest undeveloped parcels in the Millenia submarket.
Barings, which sold the LEED-certified office buildings for $92 million, also owns the 12.8-acre parcel on the eastern dead-end of Millenia Lakes Boulevard. Back in 2015, the company floated plans through city permitting for a pair of office buildings on the vacant site. Now the company views multifamily as a stronger market.
The site falls within the Millenia Development of Regional Impact and currently has zoning and future land use for either office or commercial, with entitlements for up to 535 residential units.
The community would consist of a mix of 3- and 4-story, elevator-served apartment buildings. Unit sizes would range from studios to three-bedrooms, and 623 to 1,450 square feet.
The buildings would have a mix of stucco and lap siding, with special corner treatments, decorative wood brackets and Bahama-style shutters.
The updated site plan also shows a 2-story spa and fitness center with separate clubhouse and infinity-edge pool overlooking the adjacent lake. A boardwalk would extend over the lake. Other amenities include a beer garden, dog park, rain garden and yoga lawn.
Barings and ALV have partnered before in Central Florida, most recently on a 358-unit community in St. Petersburg that was built in 2016, and sold this past January for about $354,745 per unit.
Millenia Lakes is one of two multifamily projects proposed in the mall submarket on the MPB's Sept. 18 agenda.
BBX Capital Real Estate has asked the city to amend its Framework Master Plan for Gardens on Millenia to allow up to 350 apartments on an undeveloped 9.5-acre parcel on the northwest corner of Lake Amanda, fronting Interstate 4 and directly north of Home Depot.