South Florida-based Futura Development Company just announced a partnership with private equity firm Linkvest Capital that centers around its master-planned mixed-use project in southeast Lake Nona.
The partners will be working together to transform about 10 contiguous acres of vacant land just north of the Orange-Osceola county line, with frontage on Narcoossee and Boggy Creek roads, into an integrated wellness community consisting of 260 luxury apartments, a four-story 122,000-square-foot self-storage facility and about 32,000 square feet of commercial and retail space.
Reinerio Faife, president of Futura, told GrowthSpotter the project — dubbed Futura at Nona Cove — was born out of a small investment made in 2010, when a family member jumped on an opportunity to buy a bank-owned 3.69-acre parcel at 14806 Narcoossee Rd. that had been foreclosed on.
“My uncle called me to help him develop the property,” Faife said. “He ended up not doing much with it and I stepped in and took over.”
By the time Faife came in, Tavistock Development Company’s master-planned Lake Nona neighborhood was still mostly just a concept. But Faife recognized the property could stand to gain from it.
“I patiently hung in there and around 2017 I started to re-think the land use that was already approved,” Faife said. “I did a market analysis and came up with a different vision.”
Faife began assembling land next to the parcel until he had close to 11 acres under his control.
Most of the land he acquired was previously owned by RAM Real Estate, which recently developed a Wawa and McDonald’s on the northwest side of the Narcoossee and Boggy Creek intersection.
Today, the surrounding once-rural area is recognized for its fast-pace development activity.
Northwest of the Futura at Nona Cove property, Pulte Homes is developing Phase 1 of the 1,800-acre Poitras property, and to the north developer Emerson International is building a 1,200-acre master-planned community called Eagle Creek that’s poised to bring 3,000 residential units surrounding a championship 18-hole golf course.
Total construction cost for the Futura at Nona Cove development is estimated to reach up to $80 million, Faife said. Futura will apply for building permits in July and will break ground first on the combined self-storage/retail building. Construction on the apartment complex is scheduled to begin in the first quarter of 2020 with completion slated for the third quarter of 2021.
Futura at Nona Cove apartments will offer studios, one-, two- and three-bedroom units ranging from 623 square feet to 1,315 square feet. Apartments will feature nine-foot ceilings, energy-efficient stainless steel appliances, washers and dryers and large balconies and some private patios. Faife said rents will average about $1,750 a month.
Amenities will center around wellness activities, such as designated quiet spaces for meditation, a yoga room and a cardiovascular room for high-intensity exercises that overlooks a three-lane lap-pool, Faife said. Other amenities include a resort-style pool and pool deck, walking and jogging trails outfitted with fitness stations and a community dog spa and a dog park with gazebos.
The partners are in talks with Extra Space Storage for the storage facility. Faife said he envisions small cafes and boutique restaurants to fill up the retail portion, as well as service retailers like organic nail and hair salons and a small urgent care facility.
An architect by training, Faife had more than 10 years of development experience with some of the country’s largest multifamily developers leading up to 2009, when he started Futura after departing Archstone in the wake of its September 2008 bankruptcy filing.
He broke ground on his first luxury multifamily project in 2012 in Wellington, Florida. The Lake Nona property would be his first venture outside multifamily and first in Greater Orlando.
Linkvest Capital is a US-based co-investment platform for family offices and private investors. The firm has branches that specialize in the financing, acquisition and development of real estate developments. The company has a current portfolio of $170 million and has serviced more than 460 transactions in Florida and Georgia.