Development activity is picking up east of the Disney parks, and luxury multifamily developer TheBainbridge Companiesis looking to hop onto all the action.
Bainbridge president Bob Thollander told GrowthSpotter the company isunder contract with Intram Investments to purchase and develop around 16 acres of vacant land at 14051 International Dr. with plans to build a new 342-unit apartment community called Bainbridge World Center.
The development site is part of a larger nearly 80-acre assemblage of properties put together by Intram between 2018 and 2019 for more than $18.6 million.
Of the assemblage, only about 37 acres sit within the Nadeen Tanmore II Planned Development, which includes the Caribe Royal Orlando resort community on the west side of International Drive.
The entire development program includes 300 hotel rooms, 100,000 square feet of commercial uses, and nearly 350 apartments.
Intram Vice President Randy Hodge worked with Orange County planners to reassign some of the development entitlements over to the 37-acre parcel to the east of International Drive.
California-based Sierra Land Group, Inc. owns about 40 acres, at the northwest corner of I-Drive and World Center Drive, within the PD.
Hodge told GrowthSpotter, apart from the 16-acre multifamily site under contract, the remaining land will likely feature a mix of uses including retail and a possible hotel component, but plans for those properties have not yet emerged.
As part of its deal with Bainbridge, the multifamily developer promised to help build out some of the infrastructures for the 37-acre parcel, starting with putting in a retention pond, building road access, and bringing utitlites to the whole 37-acre site.
Thollander said he hopes to close on the site by December.
Bainbridge World Center will consist of four, 5-story apartment buildings surrounding a man-made lake and will feature surface parking, he said. Amenities include a large stand-alone clubhouse spanning about 10,000 square feet, a resort-style swimming pool and a fitness center.
Bainbridge has other developments in the pipeline in Orlando’s tourism corridor. Further north, it’s redeveloping the long-closed Mystery Fun House site into a new apartment community with nearly 400 units.
Near Universal Studios, the developer is entering the permitting phase of its 330-unit Sand Lake apartment community at 7575 Universal Boulevard. Thollander said he expects to close on the site sometime in June and start construction in July.
Luxury multifamily developer ContraVest is near completing its 266-unit Addison on Lake Bryan multifamily community at 12570 Splendid Place. The developer paid $7.5 million to acquire the 14-acre property in 2019.