Developer Akarsh “A.J.” Kolaprath is pursuing yet another multifamily community in Orange County that he hopes can address a growing need for “missing middle” housing and serve as a bridge between government-subsidized housing and high-end lifestyle apartments.
“We want to be part of what is the need in Orlando,” Kolaprath told GrowthSpotter, adding that he’s seen plenty of developers focus on either the high-end spectrum of the rental market or the very low end. Kolaprath said he’s targeting what he believes to be a large segment of renters that will seek housing between the two categories.
Build Florida Inc., an Orlando-based development and investment group led by Kolaprath, is proposing to build a 72-unit multifamily community on 5.65 acres at 8105 W Colonial Dr., directly on the shores of Lake Sherwood.
Plans call for two 4-story apartment buildings that will be made up mostly of one- and two-bedroom units, Kolaprath said. Amenities include a community center and pool and pool deck facing the water.
RVi Planning + Landscape Architecture is the planner and landscape architect.
Kolaprath said he would like to aim to keep monthly rents between $1,200 to $1,400 for one-bedroom apartments. To help ensure building and maintenance costs stay low, he’s looking into utilizing energy-efficient technology.
Records show the property traded last year for $2 million. Global Investments Land Trust, an entity led by Kolaprath, took control of the property in September via a quick claim deed.
If all goes well in the approval process, he said he expects to break ground by July 2022.
Meanwhile, Build Florida Inc. is working on another workforce housing multifamily project west of The Packing District in Orlando.
The development team is seeking Orlando Municipal Planning Board approvals to vastly renovate an old mid-century apartment building on Mercy Drive and expand its unit count by 229 new apartments.
Urban Square, the project’s name, sits on about 10 acres at 1625 and 1663 Mercy Drive, about halfway between W.D. Judge Drive and Princeton Street. Last year, the company paid $1.5 million for the property.
The “missing middle” is a term coined in 2010 to describe walkable urban lifestyle housing alternatives, usually seen in infill development sites. The housing type often includes multiplexes, cottage courts and small-scale apartment buildings, that have easy access to public transportation options.
Build Florida Inc. joins a handful of other active developers in Central Florida that are looking to expand this housing market segment.
In Oviedo, developer and real estate investor Chuck Hollis is moving forward with plans to build a 3-story, 30-unit apartment project northeast of the intersection between State Road 417 and State Road 426.