North Carolina-based Crescent Communities has targeted the rapidly transforming Narcoossee Road corridor on Lake Whippoorwill its third NOVEL-branded apartment community here.
Crescent has filed an annexation request to the City of Orlando for the 17.25-acre site and is seeking an Urban Village future land use designation for the mixed-use planned development and inclusion in the Southeast Orlando Sector Plan. The conceptual PD calls for 25,000 square feet of commercial uses with 20 upper-floor residential or live-work units on Narcoossee Road. A separate 260-unit apartment community called NOVEL Nona would be constructed behind the village center. Included in the PD commercial entitlements would be a 6,500-square foot high-turnover, sit down restaurant and a 3,500-square-foot quick service restaurant.
The site is just north of Narcoossee Cove, a 32.5-acre mixed-use development now underway by The Bainbridge Companies. The two developments would have a frontage road connecting the commercial centers. Narcoossee Cove is also approved for 354 rental units divided among garden-style apartment buildings and about 30 two-story carriage style units with private garages, along with a clubhouse and pool overlooking the lake. Bainbridge sold its recently completed apartment complex by Lake Whippoorwill for $73.8 million in May.
Orlando-based Vision Development and Management is also eyeing a lakefront site north of the NOVEL Nona site for a smaller mixed-use project.
Crescent Communities introduced its NOVEL brand identity in 2017 for multifamily communities. Its development portfolio consists of more than 60 single-family communities, 55 multifamily projects and more than 20 million square feet of commercial space, according to its website. The company completed the 375-unit NOVEL Lucerne in Orlando’s SoDo District earlier this year. That highly-amenitized mixed-use project is anchored by Orlando’s first Earth Fare organic grocery.
Last month Crescent executive Tim Graff, who oversees multifamily construction in Florida, filed an application with Orange County to convert an 18-acre parcel in Orlando’s tourism corridor near Sea World from timeshare to commercial multifamily use. The development plan for that site calls for up to 360 apartments.