Mill Creek Residential Trust, the Boca Raton-based developer behind Orlando’s Modera Central and Modera Creative Village, is eying a location for a third luxury apartment tower.
Damon Kolb, managing director for development, is one of two Mill Creek executives who met recently with planning staff from the City of Orlando to discuss plans for a new project on at 740 Bennett Rd. on land currently occupied by Gilt nightclub. The site is just east of Orlando Fashion Square mall and north of the U-Haul facility on Colonial Drive.
Rebecca Wilson, shareholder for Lowndes, represented the developer in the discussions, which involve building an 8-story apartment building with three floors of residential uses above a 5-story parking structure. The existing nightclub was built in 1983 as a movie theater/drafthouse and sits on 2.7 acres. The conceptual plan would create a secondary access to the site directly off Colonial Drive and a pedestrian link north to the Cady Way trail.
The plan also identifies the parcel to the north at 756 Bennett Rd. (current home to the Orlando Metropolitan Bridge Center) as a second development site. That 9.2-acre parcel is owned by the City of Orlando.
Mill Creek entered the Orlando market in 2015 with the Modera Central mixed-use tower at 125 E. Pine Street in Orlando’s Central Business District. The trust sold the 350-unit tower, minus the University Club, in late December for $137.25 million. Meanwhile, the developer is wrapping up construction of Modera Creative Village, an 8-story midrise community featuring features 292 apartment homes, structured parking and approximately 10,000 feet of ground-floor retail.
In December, Mill Creek broke ground on Modera Riverside, a 36-story high-rise mixed-use tower in downtown Miami.
The area around Orlando Fashion Square mall has been a magnet for new multifamily development over the last several years. South Florida-based Cornerstone Group completed the 361-unit Urbon at Audubon Park last year just north of the mall property and sold it in August for $96.25 million.
Also in December, Orlando’s City Council approved a new master framework plan for the redevelopment of Fashion Square into a mixed-use community with 1,400 apartments and live-work units. The lead developer is New Jersey-based M & M Realty, a joint-venture led by Edgewood Properties founder Jack Morris and JMP Holdings President Joe Marino.
The total plan calls for 177,000 square feet of new retail and dining uses, including two restaurant pads fronting on Colonial, a 120-room hotel, two new parking garages and a central event lawn with a pavilion.