MORGAN, a Houston-based multifamily development, construction and property management firm, is eyeing vacant land on a prominent corner in Waterford Lakes for one of its luxury apartment communities.
According to a recently filed Land Use Plan, the firm is looking to rezone about 10 acres of land at 12400 E. Colonial Dr. from C-1 (Retail Commercial District) to PD (Planned Development District), in order to construct up to 265 multifamily units.
Kamil Salame, an executive at the firm who oversees Central Florida operations, is listed in the application. Kimley-Horn’s Brooks Stickler is the engineer. Stickler is also representing the ownership group, which is a split interest among at least nine different parties.
A representative at MORGAN declined to comment on the story. The firm has developed 16,000 units at a cost of $2 billion since opening for business in 1988. It has about $900 million in projects currently in development or under construction, according to its website.
The long-time vacant property sits between Woodbury Road and the S.R. 408 interchange, less than a mile away from the Waterford Lakes Town Center.
Investment activity has picked up in the Orlando metropolitan area neighborhood, as it has been known to attract students from the University of Central Florida.
In 2015, an executive with the Los Angeles-based investment group, PRG Fund LP, told GrowthSpotter plans to invest solely in properties in Waterford Lakes. That year it spent more than $90 million acquiring apartment communities in the neighborhood.
Under construction, nearby, is a mixed-use project called Park Square Plaza. Signed-on businesses opening up shop there include a 24-Hour Fitness gym and a PDQ Chicken. A hotel is also planned for the site.
In April, Catalyst Development Partners opened a new $42 million 296-unit multifamily project at 13645 E. Colonial Dr. called the Coda Apartments. The developer sold its sister project, the EOS Apartments, for $52 million in 2016 about a year after it was completed.
Just last week, GrowthSpotter reported student housing developer Landmark Properties submitted a Land Development Plan for a student housing community where a Burlington store currently operates at 12151 E. Colonial Drive.