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Luxury multifamily developer Bainbridge Companies has two new apartment communities in the works on Narcoossee Road, along the shore of Lake Whippoorwill.
Luxury multifamily developer Bainbridge Companies has two new apartment communities in the works on Narcoossee Road, along the shore of Lake Whippoorwill. (Poulos & Bennett/Orange County Property Appraiser)

The same developer behind the luxury Nona Place apartments on Lake Whippoorwill is now prepping for two more apartment communities on the lake.

The Bainbridge Companies built the 288-unit Bainbridge at Nona Place in 2018 as part of a joint venture with CNL Financial Group and sold it earlier this year for $73.8 million. Bainbridge is also the multifamily developer at Tyson Ranch, where the company is planning a 324-unit apartment complex, and in the mixed-use Narcoossee Cove, also on Lake Whippoorwill. The Tyson Ranch property lies just south of intersections with S.R. 417, Boggy Creek Road and Lake Nona Boulevard. Narcoossee Cove is on the east side of Narcoossee Road, south of S.R. 417.

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Now the Wellington-based firm has another project in the pipeline – this time on the KOA Campground at 12345 Narcoossee Rd. The 15-acre site is currently owned by Christian missionary organization, Pioneers USA, which also maintains a facility on the parent parcel. At one time, Pioneers controlled a total of 54 acres and had rezoned as a mixed-use Planned Development. The organization has leased a 2.28-acre lot fronting on Narcoossee Road to International Hotels Group, which built a Holiday Inn Express & Suites there in 2018.

The site plan for Bainbridge Company's latest development shows four 4-story apartment buildings with a clubhouse and pool overlooking the lake.
The site plan for Bainbridge Company's latest development shows four 4-story apartment buildings with a clubhouse and pool overlooking the lake. (Poulos & Bennet)

The non-profit organization is represented by Trevor Hall, director of land services for Collier’s International Central Florida, and his partner, Emily Franklin-Peiper. Hall told GrowthSpotter Pioneers selected Bainbridge from a short-list of seven multifamily developers.

“We could have had 100 offers for the site,” he said. “We did a discreet offering and did a short-list if the best possible prospects.”

Bainbridge is planning a 300-unit complex on the site, which faces the lake and even has its own fishing dock. The project is smaller than its sister community in Narcoossee Cove, where Bainbridge will build 354 units. The company paid $12 million in July for the 25.8 acres just north of the Pioneers complex.

The nearly $74 million sale price for this Lake Nona-area apartment complex topped out at over $250,000 per unit.

The Pioneers PD was approved for up to 350 residential units, but Bainbridge is seeking a minor PD amendment to shift a few of the residential entitlements onto its lot and eliminate the rest. The city’s Southeast Town Design Review Committee is scheduled to hear the request on Thursday. Staff has already recommended approval of the amendment and the accompanying Specific Parcel Master Plan for the community.

The approved SPMP for the Narcoossee Cove lakefront community calls for three four-story apartment buildings and about 30 two-story carriage style units with private garages, along with a clubhouse with leasing office. The unit mix pencils down to 120 studio and one-bedroom apartments; 176, two-bedroom apartments; and 58, three-bedroom apartments.

Amenities include a resort-style pool and sundeck, pool cabana, grilling stations, a fitness center and a nearly fours of recreational space along the shore of Lake Whippoorwill. The design follows the Lake Whippoorwill guidelines, which restrict the height of buildings within 400 feet of the waterfront. Bainbridge is in the process of demolishing the existing buildings on the site.

Both projects share the same development team of architect Scott+Cormia and Poulos & Bennett civil engineers.

Hall said this stretch of Narcoossee Road benefits from its proximity to Lake Nona across the street, making it a high demand for multifamily development.

“It’s not controlled by Tavistock, but it benefits significantly from all the very high-quality work they do nearby,” he said. It’s also directly across from Valencia College’s Lake Nona campus and close to the new AdventHealth campus at the S.R. 17 interchange.

“It’s got the med, the ed and the beds,” he said. “It’s a very healthy job growth prognosis there, which gives lenders a lot of confidence.”

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

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