Advertisement
Multi-Family Residential Developments

New multifamily construction heats up as lenders fund projects throughout Orlando market

At least five new apartment complexes by developers such as Fore Property Company and The Allen Morris Company will be underway in early 2022 adding nearly 1,400 new luxury rental units to the Orlando market.

Fore and JV partner PCCP have already broken ground on their latest luxury community in the Four Corners area, about a mile from Disney’s Flamingo Crossings. The developers are approved for a pair of communities on Hartzog Road with a combined 472 units. When completed, the Overlook-Haven at Lake Britt duo will have a combined value of over $100 million. Each community will have its own salt-water pool and onsite amenities, and they will share an exercise trail.

Advertisement

Ben Smith, Development Director for Fore, told GrowthSpotter the Overlook community will consist of 222 units in 4-story, elevator-served buildings with air-conditioned corridors and 10 townhome-style units each with a 2-car garage. The design team, led by Scott + Cormia, delivered a community with LEED certification and upgraded finishes, such as white shaker cabinets and quarter counters. Half of the townhouse units will have 30AMP plug-in pre-wired in the garage for residents to charge their electric vehicles, and five additional EV charging stations will be located throughout the community.

Fore is embarking on the project just weeks after closing the sale of The Westerly, located a quarter-mile away, for $123.5 million. Smith said construction is already underway on the Overlook site, while development of Haven at Lake Britt would commence in late 2022. PNC Bank provided construction financing in the amount of $37 million for Phase 1, with advances up to $74.5 million to cover both projects.

Advertisement

Harris Civil Engineers worked on the project, along with landscape architecture firm Perry Becker.

Meanwhile, four multifamily projects in Osceola County have received construction financing in the last month. In late November, Kettler received a $16.7 million loan from CIBC Bank for the second phase of its Delamarre community in Celebration. Kettler recently received building permits from Osceola County for the 4-story, 95-unit building that will bring the total number of dwelling units in the community to 474.

Also in November, Margaritaville master developer Encore Capital transferred property within the resort community to its multifamily division, Falcone Group, for a new Class A apartment community. The Falcone affiliate paid $6.4 million for the site known as Phase 8 of the resort community. Pacific Western Bank provided a $45.6 million construction loan for the project, which is approved for 364 units.

Another Disney-area project will break ground in early 2022 in Xentury City, adjacent to the Gaylord Palms Resort and Convention Center.

The site is owned by Xenel International USA, which will co-develop the new $75 million apartment community with The Allen Morris Company.

“The Osceola corridor has seen some of the largest net in-migration in the nation generating demand for quality housing,” said Spencer Morris, Chief Investment Officer of the Allen Morris Company. “The Residences at Xentury City are the first phase of a larger mixed-use vision that will transform this area within Osceola County into a dynamic live, work, play neighborhood with first-class dining, entertainment and residential offerings.”

The 293,000 square feet of space will contain five garden-style buildings, 311 residential units, a leasing center and world-class amenities throughout.

“I know the term ‘resort-style pool’ gets tossed around, but this really will be a spectacular pool,” Director of Development Dennis Suarez said.

Advertisement

The buildings will be elevator-served and surface-parked. The complex also will feature a fitness center and pet amenities, including a grooming center and paw park. The design team also worked hard to protect a cluster of seven mature oak trees and created a shady park in that spot.

The firm enlisted Atlanta-based Dwell Design Studio and Shim Studios to design the garden-style suburban complex. “We wanted to bring a refreshing architectural style,” Suarez said. “We really try to do things that are exceptional because we understand these are people’s homes.”

Finally, Houston-based Dinerstein Companies recently received a $54.8 million construction loan from Truist Bank for Millenium Kissimmee, a 400-unit apartment community in the LOOP submarket. The site is located within the Flora Ridge Planned Unit Development, immediately south of The Square at Osceola, a new shopping center now under construction.

The buildings will be 3-story walk-ups with surface parking and some detached garages. There’s also a pool and clubhouse that will include a fitness center, parcel pending lockers and a leasing office. Development Associate Laurn Randall told GrowthSpotter the pet-friendly community would feature standard finishes, including vinyl plank flooring, granite counters and stainless steel appliances. Smart locks also come standard.

Randall said TDC expects to deliver its first units by the first quarter of 2023.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407) 420-6261, or tweet me at @byLauraKinsler. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.


Advertisement