According to a recently submitted Development Plan filed in Orange County, the partners are seeking to build a 380-unit apartment complex at 11907 Ruby Lake Rd., just south of Lake Ruby.
The property is part of a nearly 18-acre land assemblage that is currently owned by Diamond Resorts Cypress Pointe III Development LLC, which is an entity linked to Las Vegas-based Diamond Resorts.
The timeshare company inherited the property in 2007 as part of its $700 million acquisition of Sunterra Corp.
The most recently submitted DP replaces previous entitlements that called for 420 timeshare units and up to 30,000 square feet of commercial space.
Diamond Resorts has been trying to do away with its previous uses since late last year.
In January, GrowthSpotter reported on a Land Use Plan, filed on behalf of Bering Homes affiliate Bering I LLC, that requested the property be incorporated into the Sunterra Resort PD and that county officials replace previously adopted timeshare uses with multifamily development uses.
The company also sought several waivers in respect to parking, building height and building separation to neighboring residential properties, among other waiver requests.
The most recently submitted DP lists Greystar as its developer. The multifamily development and property management firm is working with Bering Homes’ Chad R. O’Brien to develop a garden-style apartment community under its Elan multifamily brand.
Bering entered the Orlando market last year when it bought and resurrected a defunct vacation home resort development in the Four Corners area near ChampionsGate.
The Sunterra project, dubbed Elan Cypress Pointe, would consist of 10 apartment buildings, three designated park areas and a clubhouse with a pool. A good amount of its units face a pond, which also serves as its storm water management area.
According to Greystar’s website, Elan communities are strategically located near shopping and dining destinations, as well as places of work.
In the case for Elan Cypress Pointe, developers will likely aim to benefit off its proximity to job creators, like the ever-expanding theme parks by Walt Disney Company, Universal Parks & Resorts and SeaWorld Entertainment.
The future construction of an I-4 interchange and the 1.6-mile extension of Daryl Carter Parkway that will link Palm Parkway to S. Apopka-Vineland Road has also helped fuel development in the area.
Nearby, Pulte Homes completed several residential developments on more than 100 acres of land surrounding Ruby Lake, including Phillips Grove and Ruby Lake by Pulte Homes. The home builder is currently developing a new 20-unit townhome community called Overlook at Ruby Lake.
O’Connor Capital Partners recently delivered the first phase of the Vineland Pointe shopping plaza, bringing in tenants such as Lucky’s Market, Marshall’s, Ross and Burlington. Plans for the remaining two phases have indicated the developer is seeking lease deals with Target and a movie theater chain.
Last month, GrowthSpotter reported that Boca Raton-based Altman Companies landed a contract deal to buy roughly 34 acres of land next to the plaza, with plans for a 567-unit apartment project at 10055 Almondwood Circle.
Charlotte, North Carolina-based Crescent Communities is also looking to develop luxury apartments. Plans call for up to 360 multifamily units on about 18 acres of land it has under contract just north of Lake Willis.
The development is part of its efforts to expand its recently launched NOVEL multifamily brand in Orlando’s tourism corridor.