Orlando-based design-build company FINFROCK and developer One Eleven Residential will break ground in March on the $50 million luxury apartment building in Ivanhoe Village now simply known as the Lake House Apartments.
The 9-story tower across from Lake Ivanhoe will feature 252 units above 34,900 square feet of office space and 2,563 square feet of eatery space. The luxury residences will include 19,537 of amenity space including an elevated second-floor pool deck, fitness center, lounge and clubhouse on the ninth floor overlooking the lake and the downtown Orlando skyline.
"We are very excited about this project because of the prime location in one of Orlando's historic neighborhoods and its convenience to downtown as well as I-4," FINFROCK President Bill Finfrock told GrowthSpotter.
"One of the things we really like about the project is the lake," he said. There's not a lot of opportunity downtown to have lakefront property."
He said 180 of the apartments will have lake and downtown views.
FINFROCK took the unusual step in 2017 to secure the site, paying $7.5 million for the Baldwin-Fairchild Funeral and a former antique store. The developer joint venture paid $7.95 million in late December for the full 2.4-acre site and took out a $60 million loan from Citizens Bank.
"All of the financing has closed, so the project is fully-financed," Finfrock said.
One Eleven Principal John Zeladon helped lead the Lake House project through a tricky permitting process and multiple design revisions while working as the project lead for Alliance Residential Company. Last year he formed his own development company and took over the project with FINFROCK, which maintains an interest in the project.
The Lake House design is almost identical to the plan that was submitted in 2017, except that the development team elevated the pool deck to the second floor, over the lobby and commercial space. The 523-space parking garage is on the north end of the building. The south elevation is highlighted by aqua-colored vertical LED lights stretching the entire length of the building. The east and west elevations feature multicolored shade panels and circle-shaped cutouts along the roof canopy that gives the building a mid-century vibe.
Finfrock said the team has been in discussions with prospective restaurant users for the ground-floor space. The plan calls for open-air seating that fits in with the Ivanhoe Village aesthetic and complements the nearby Yard at Ivanhoe mixed-use project.
"We know that developer pretty well and think a lot about his project," Finfrock said. "I think it's safe to say we're pretty bullish on the area. We think it's the most organic, dynamic part of Orlando. With those two projects, it is the spot to be in or near downtown. And ultimately, we think we'll help each other."
FINFROCK is the design-build general contractor, architect, and structural engineer for the apartments and the parking structure. The company will use an all-concrete DualDeck ™ Building System that it successfully employed in 2018 at Broadstone Winter Park and plans to utilize for a 10-story downtown apartment tower at 335 N. Church Street, next to the Bank of America tower.