After spending over two years putting together nearly 75 acres and creating one of the largest assemblages of land positioned for mixed-use development by the Western Beltway, the JV is finally preparing to bring the first phase into fruition. In total, the joint venture partners paid about $12 million for the property across multiple transactions.
“First, the infrastructure needs to be put in place,” Shannon Lee, vice president of development at The Collier Companies, said.
Lee told GrowthSpotter the JV hopes to complete clearing the land and setting it up for development by the end of next year’s first quarter. Currently, the 17-parcel portfolio contains nine single-family dwellings, two mobile homes, five small villas, a church and some lots formerly used for agricultural and equestrian purposes.
The proposed mixed-use project, called Floridian Town Center, is located on the northwest corner of state roads 429 and 441, around 3161 Southfork Drive.
“Apopka is due for some redevelopment in that area,” Lee said, adding that the location was ideal for a mixed-use project because of its proximity to the State Road 429, which stretches around the western Orlando metropolitan area between I-4 in northwest Osceola County and S.R. 46 at Mount Plymouth in Lake County.
“We’ve seen growth moving that direction," she said.
A recent St. Johns River Water Management District filing shows the partners are seeking permits to begin mass grading the property.
For the first phase of the project Collier Companies will be building up to 300 multifamily units on the northern end of the property.
Lee said the apartments will be Class A and will feature a heavy amount of amenities including a dog park, beach entry pool and clubhouse. Units will be equipped with modern kitchens with quartz countertops, full-size washer and dryers and patio space.
In addition to the apartments, the development program for Floridian Town Center includes an assisted living facility with up to 180 units, a 120-room hotel and over 200,000 square feet of commercial space.
The joint venture partners have expressed to city officials and community members an interest in developing a town center at the location with opportunities for a grocery store anchor, restaurants, retail stores and a YMCA.
Floridian Town Center joins a list of several developments being proposed by S.R. 429.
In recent months, vacant land along S.R. 429 has also lured in high-profile companies and investment dollars from industrial real estate developers.
Companies like e-commerce giant Amazon, Goya Foods, Universal Studios Orlando and Coca-Cola Co. are building or planning to lease distribution centers near the roadway.
Just recently GrowthSpotter reported that Orlando-based real estate firm Cadence Partners LLC partnered with New York-based real estate investment group Clarion Partners on a proposed speculative 189,000-square-foot industrial project directly off the Daniel Webster Western Beltway.
McCraney Property is also nearly complete building out its 652,700-square-foot Distribution 429 industrial park at the crossroads of S.R. 429 and Florida’s Turnpike.