The company that built EOS apartments near UCF is putting down stakes in the ChampionsGate - Reunion submarket.
By J. Kyle Foster
Jan 03, 2020 at 3:40 PM
Jorge Sardinas, a principal at Catalyst, told GrowthSpotter the company is envisioning a multifamily community with about nine, three-story walk-up garden style apartment buildings that will consist of a mix of one-, two- and three-bedroom units.
Rents should be more attainable than some of the rents seen in Baldwin Park, he adds.
“We think it’s an undeserved market for good, quality, new product that’s well amenitized," Sardinas said. “The location is great, being right off the intersection of Semoran Boulevard and East Colonial Drive. Residents will have 20 minute access to downtown Orlando and UCF, with Winter Park to the north and the airport to the south."
A family investment team led by local owner-developer Daniel Wise currently own the property as well as an additional roughly 3 acres of land fronting Colonial Drive that’s entitled for retail use.
Jason G. Toll of NAI Realvest, the Orlando-area operation of NAI Global, is brokering the deal on behalf of the owners. Online marketing material suggest the property is asking $3.99 million.
Toll said he, the owners and the development team worked together to entitle the total roughly 13 acres. Last month, the team won approvals from the Orange County Commission to allow for a multifamily development and up to 19,600 square feet of retail space on Colonial Drive.
“The plan is to clear the site after closing and then at some point the [retail portion] would be brought to market for sale,” he said.
Sardinas said the company anticipates to close by August and start construction soon after in September or October.
Meanwhile, Catalyst has been busy in Central Florida.
Earlier this month, GrowthSpotter reported on its plans to develop a 280-unit apartment complex as part of the 40-acre mixed-use development Forest Hills in Davenport.
Last year, Catalyst opened a new $42 million, 296-unit multifamily project at 13645 E. Colonial Dr. called the Coda Apartments. The developer sold its sister project, the EOS Apartments, for $52 million in 2016 about a year after it was completed.