Luxury multifamily developer ContraVest will become the first company to break ground within Amer Group’s roughly 50-acre mixed-use project on Lake Bryan, which sits in close proximity to the Disney parks and attractions.
ContraVest president Steve Ogier told GrowthSpotter the firm expects to close on about 14 acres of land on the east side of Lake Bryan in mid-November. Orange County’s Development Review Committee gave the development final approvals earlier this month.
“It’s fully financed and ready-to-go,” Ogier said. According to him, the total cost of the project sums up to about $52 million.
The Altamonte Springs-based developer plans to deliver the 266 apartments in 2021.
The project, dubbed Addison on Lake Bryan, will require developing an access road that will connect to International Drive. Amenities include a central clubhouse, resort-style pool and private covered garage spaces. The site plans shows ample surface parking options.
Apartments will feature views of Lake Bryan, which is known to attract water sports enthusiasts. The lake is bordered by at least two other resorts on its west side.
For years, investors have slowly carved out large portions of land bordering the lake for future development.
Some have promised grand projects like Azzurra Development’s Planet Hollywood-branded condominium hotel, which had entitlements for more than a thousand room. Last year, Auro Hotels proposed a 150-unit “glamping” resort — a term used to describe the combination of glamour and camping. Both projects were dropped.
Ogier said he has an expectation that most of the land surrounding Lake Bryan will be developed over the next decade. “That’s what we’re hoping for,” he said.
Addison on Lake Bryan sits within a larger Planned Development that Amer Group purchased in 2015 for nearly $13 million. The company is an Egypt-based real estate development and investment firm with experience in resort-style developments.
The owner is reserving about one third of the 51-acre parcel for a future resort with lake and I-Drive frontage. Approximately 10 to 12 acres are also being held by Amer along I-Drive, fronting the ContraVest site, and may be earmarked for future retail.
Ogier said he expects Amer to sell the remaining developable tracts to an end-user.
ContraVest is also in the midst of closing on 64 acres of land north of Orlando International Airport with plans to develop a 323-unit apartment complex on Semoran Boulevard and Shadowridge Drive called Addison at Gateway.
At least two large tracts of land around Lake Bryan are for sale, including Azzurra’s 14-acre property at 13725-13757 S. Apopka Vineland Road.
To the north, Raj Goyal and his wife, Viktoryia Goyal, are selling 172.5 acres of land at 13300 S. International Drive with two-thirds of a mile of frontage on the lake. The property is entitled for 2,100 hotel rooms or timeshare units and over 300,000 square feet of commercial uses. It hit the market in March asking for $87 million.
The land currently enjoys agricultural tax exemptions.
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