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Multi-Family Residential Developments

PAC Land Development Corporation proposes multifamily community near SeaWorld

The development site sits within the 420-acre Orangewood N-2 PD, just south of SeaWorld.

PAC Land Development Corporation is planning a new multifamily community near SeaWorld, just shortly after purchasing a small pocket of land within the expansive Orangewood N-2 Planned Development.

According to a recently submitted Change Determination Review application, the developer has assigned Poulos & Bennett’s Allison McGillis to amend the Orangewood N-2 PD in order to allow the construction of up to 225 multifamily units on 4.46 acres along International Drive and north of Parc Corniche Drive.

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For plans to work out, the developer would need to convert the remaining 45,200 square feet of commercial development rights within the PD into multifamily units. In this case, McGillis is using a conversion chart that calculates 1,000 square feet of commercial square footage is equivalent to 6.4 multifamily dwelling units.

At that rate, the conversion would permit 289 units, but application material suggests PAC Land Development doesn’t aspire to build that many apartments.

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A proposed site plans shows the proposed apartment community will feature at least four amenity areas, including a rooftop deck.

Submitted documents to Orange County’s Development Review Committee show the developer intends to construct a 5-story multifamily building with ground-floor retail and rooftop amenities on top of a 5-story parking garage. Features include at least four separate amenity areas and two pools.

In addition to the conversion of entitlements, the company is requesting a waiver to increase the maximum building height from 60 feet to 80 feet, noting the project would only be feasible if the number of units exceeds 200 units. In addition, the anticipated height for architectural elements like corner end towers and elevator shaft extensions would be expected to exceed 75 feet in height, application material states.

PAC president and CEO, Tom Cavanaugh was not immediately available to elaborate on proposed plans.

Records show PAC Land Development paid $3.3 million in late December for the site. New York-based real estate investor Angelo, Gordon & Co LP was the seller. A long time ago, the investment firm acquired a large chunk of property south of SeaWorld and, as of late, has been selling it off to developers like Park Square Homes, which paid $10.235 million for more than 100 acres in 2019.

At the property, Park Square is currently building out the first two phases of a large master-planned community that will contain a total of 178 townhomes and 245 detached vacation homes once complete.

Other developers that bought into the area include Picerne Development Corp. and Bainbridge Companies.

In mid-December 2015, Altamonte Springs-based Picerne Development paid $5.6 million for 16 acres and completed the 282-unit Oasis at Grande Pines apartment complex, which it later sold for $59.5 million to Dallas-based Lantower Residential. The apartment complex at 11128 Grande Pines Circle is now called Lantower Grande Pines Apartments.

In 2016, Bainbridge Cos. bought 16.26 acres of the Grande Pines property for a little more than $7 million. It later developed Solaya, a 322-unit multifamily complex at 11833 Westwood Blvd. That same year, Winter Park-based Atlantic Housing Partners paid $3.5 million for 11.92 acres where it built the 178-unit Westwood Park Apartments community at 11037 Laguna Bay Dr. in 2017.

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Winter Park-based PAC Land Development is behind several communities throughout Central Florida. Founded in 1985, the company is responsible for building approximately 8,000 multifamily homes throughout the state, according to its website. It also builds townhomes and condominium communities.

Last year, the company paid $7.81 million for 19.5 acres at 8901 Narcoossee Rd., where it’s planning a new 284-unit apartment community called Mallory Square.

The development company is also responsible for master-planning the 108-acre Oviedo on the Park mixed-use community, anchored by the $70 million Strand apartments and the City of Oviedo amphitheater.

GrowthSpotter reported PAC Land Development was listed in plans to develop a new mixed-use community directly across the billion-dollar O-Town West community in the tourism corridor last year. According to property records PAC Land Development does not yet own the site.

EDITOR’S NOTE: This story was updated to include a recently submitted site plan with more details about the project.

Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 491-3357, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.


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