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Highlighted in black is the site for a 124-unit third phase at Windermere Cay Apartments, off of Reams Road just north of the Walt Disney World entrance at Center Drive.
Highlighted in black is the site for a 124-unit third phase at Windermere Cay Apartments, off of Reams Road just north of the Walt Disney World entrance at Center Drive. (Harris Civil Engineers)

Orlando-based MMI Development is pursuing a third phase of its Windermere Cay apartments in Winter Garden directly north of Walt Disney World.

Located at 8200 Jayme Dr., Windermere Cay's first two phases of Class-A apartments were built in 2013 and 2015, and now total 380 units that are managed by Greystar.

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The property lies just outside the Center Drive entrance to Disney's staff parking and back-of-house facilities, and has drawn a strong renter contingent from the company.

A view of the first phase of the Windermere Cay apartments.
A view of the first phase of the Windermere Cay apartments. (Forum Architecture & Interior Design)

MMI president Michael Wright bought the 46-plus acres in 2008 for $2.85 million from Centex Homes, partnering with a family office out of Texas.

"It was a very astute purchase on our part, that stretch of Reams Road where Windermere Cay is located has really blossomed in recent years," he told GrowthSpotter. "We're holding that asset and building it out."

Wright's Timberlock Partners affiliate filed a Development Plan on Monday with Orange County for a 124-unit Phase 3, which would bring Windermere Cay to 504 units.

Phase 3 would include two new four-story buildings, surface parking and outdoor amenities that include a dog wash and car wash area. The unit count breaks down as 28 one-bedrooms, 80 two-bedrooms, 12 three-bedrooms and four four-bedrooms.

The DP depicts expansion potential for two more buildings in the future.

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Your update on the progress made by a local developer with multiple government agencies to develop 34 acres at a busy Maitland intersection.

Construction plans are in design phase now, which should be priced out in the next 90 days with a groundbreaking anticipated for this summer, Wright said. Roughly $18 million is estimated for the project costs, he added.

Harris Civil Engineers and  Forum Architecture & Interior Design have contributed to the project thus far.  Walker & Company previously served as general contractor on the first two phases of Windermere Cay, and has built MMI's recent multifamily projects in Maitland and Apopka.

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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