Orlando-based Elevation Development and The Latigo Group will break ground in the first half of 2020 on two luxury multifamily communities that will add a combined 1,024 rental units to the Davenport and Kissimmee markets.
GrowthSpotter first reported the joint venture between Elevation and the Los Angeles-based multifamily developer in May when they bought nearly 30 acres on Lake Wilson Road in the Reunion/ChampionsGate area.
The JV paid $5.175 million for the Crystal Bay site, which was entitled for 384 apartments. They renamed it Lynwind and recently filed a Residential Site Plan with Polk County.
Latigo Co-Founder Scott Whittaker said developers expect to spend about $60 million on Lynwind. The site plan shows six 4-story residential buildings with open corridors. The community is designed to take advantage of the water views from an existing pond, and it has a sprawling amenity center.
“It’s going to be a very nice, high-end clubhouse with over 13,000 square feet and a lot of indoor-outdoor space,” he told GrowthSpotter. “It has a really nice, big pool and yoga lawn, and the fitness center is designed by OptiFit.”
“They bring a ton of creativity,” Elevation Principal Owais Khanani said. “The way the problem solve is very smart and out of the box.”
Whittaker said the developers will be implementing smart door locks and thermostats in all units. They picked Bonnett Design Group as the landscape architect and Moniomi, a Miami firm, for the interior design of the Lynwind community. “The design element is pretty next-level, in my opinion," he said. “We’re doing the same thing others are doing: vinyl plank floors, granite and quartz counters, kitchen islands with sinks. The thing that elevates it is the color palette and material choices.”
Khanai said they’re already in Site Plan review in Polk County and are close to filing building permits. “It looks like we should be able to turn dirt by early to mid-March. We’re running both projects on a parallel track, but the Kissimmee project will be a few months behind.”
The Kissimmee site is the former Osceola County Softball Complex just off John Young Parkway. Elevation had the winning bid at $8.125 million and expects to close the sale with Osceola County in late January, Khanani said.
The JV filed a Site Development Plan earlier this month for the 25-acre site seeking approvals for two sister communities with a combined 640 units. They’re calling it Ball Park Village.
“We’re doing that project in two phases, and we’re maximizing density," Khanani said. The site plan shows a mix of 4-story and 5-story buildings. They will be elevator-served with interior corridors.
“The entire look and feel is very urban, because that’s what the county wanted,” Khanani said. “Before, we were kind of hesitant to do a 5-story product, but it turned out well, and it’s different from the other product that’s in the market. It’s going to help us stand out from the competition.”
The first phase will have 384 units and will be on the northern half of the site, along Ball Park Road, and has an estimated development cost of $60 million.
“The complex isn’t gated. It has a spine road going through it,” Whittaker said. “So we’re doing even more with smart technology.” Each building will be secured with a ButterflyMX video intercom system that allows residents to grant access to visitors with their smartphones. Even the elevators will be linked to the system.
“It’s even more secure than having a gated community,” he said.
CID is the interior design firm for the Ball Park Village project. “We’re still very early in the design process, but we know the clubhouse will be extra special,” Whittaker said. “There’s a lot of competition from new product. That’s because there’s a lot of demand because of the job growth. We’ve got to bring something to market that’s different and better – that’s how we insulate ourselves from the competition.”