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Orlando real estate advisory company is prepping land in the Baldwin Park area for new luxury rentals

Palmetto Real Estate Advisors LLC is planning a luxury 237-unit multifamily development next to Baldwin Park.
Palmetto Real Estate Advisors LLC is planning a luxury 237-unit multifamily development next to Baldwin Park. (City of Orlando)

There’s a new luxury rental community in the works next to Orlando’s Baldwin Park neighborhood.

Palmetto Real Estate Advisors LLC, an Orlando-based real estate company led by investor and developer John Builder III, is helping put together plans for a 237-unit multifamily development between Lake Susannah and the Cady Way Trail.

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In total, the portfolio includes three parcels owned by separate entities and 1.11 acres of right-of-way. The subject property is generally located north of Beach Boulevard, south of Sunrise Boulevard, and east of Sasoon Avenue.

Conceptual plans for the project, dubbed Palmetto Baldwin Park, include building three multifamily buildings surrounding a pond that will feature 208 apartments. In addition, the project features two attached residential buildings that will consist of 29 townhome units. Amenities include a dog area that connects to the Cady Way Trail, and an amenity area that features a large gazebo.

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Builder said the design of the buildings was intended to be consistent with the Baldwin Planned Unit Development.

“When it came to the architectural aesthetic we told [Charlan Brock Architects] we want that sort of Old Florida architecture that’s consistent with Baldwin Park so it feels like you’re connected there,” he said.

Apartments will include a mix of one-, two- and three-bedroom options, according to plans.

Builder said he sees himself teaming up with a joint venture partner and possibly working with a homebuilder interested in building the townhome portion of the project, though keeping the townhomes as rentals is still an option.

“Everyone wants to be in Orlando right now,” Builder said. “To start from scratch, it can take 18 months to two years. This is an opportunity to have one in the hopper.”

As part of plans, Builder will be teaming up with the City of Orlando and investing in expanding sanitary sewer access to the neighborhood.

“Having that sewer access will be a boon not only for the property but to surrounding property values,” he said. “[Once that’s done and the project is completed] I anticipate we’ll see some additional activity in the area continuing east of Baldwin.”

Palmetto Real Estate Advisors LLC assigned Kimley-Horn’s Brooks Stickler to annex and rezone the parcels into the city and assign them the appropriate future land uses for the development.

Orlando’s Municipal Planning Board is tentatively scheduled to review the requests next month.

Current property owners include Manohar Jain, as Trustee under the Manohar Jain Trust dated July 1, 2000; Eligio Colón; and Kings Way Capital LLC, led by Matthew McKeever with Colliers.

In the past, Builder has held senior and directorial positions in real estate companies such as the Canadian-based Jaymor Group and Atlanta-based multifamily developer Cortland. More recently, he was president of the North Florida Region for Terwilliger Pappas. He’s also a joint venture partner in the 21-story SkyHouse apartment building in downtown Orlando.

The Baldwin Park community has drawn in many institutional investors and developers that have paid high-dollar prices for a chance to own and build in and around the ritzy neighborhood.

New York-based Bluerock Real Estate sold the 220-unit Enders Place apartment community for $53.15 million last year to an entity tied to Boston-based investment firm TA Realty.

Just last month, Boca Raton-based Gables Residential filed plans to demolish a bank building nearby with the intent to build a 5-story multifamily apartment building and parking garage. The project at 1801 Prospect Ave. is Gables’ entry in the Orlando market.

The bank has chosen a New Jersey developer to add more retail, housing, a hotel and an event lawn as part of a total renovation of the aging mall.

Nearby, New Jersey-based M & M Realty is leading a massive mall redevelopment plan converting the old Orlando Fashion Square property into a large mixed-use community. Last week, GrowthSpotter reported the Delaware bank that owns the mall on Colonial Drive submitted a new framework master plan that details bringing another 177,000 square feet of new retail uses, a 120-room hotel and1,400 residential units.

M & M Realty is a joint-venture is led by Edgewood Properties founder Jack Morris and JMP Holdings President Joe Marino.

In August Lake Spier Development LLC, an Orlando-based company led by property investors Andrew Russo and Shane Acevedo, began horizontal construction of a new luxury lakefront townhome community across from Lake Baldwin in Winter Park. The subdivision is prepped to hold 10, two-story, fee simple townhouses on 1.28 acres at 1915 S. Lakemont Avenue.

A new 12,000-square-foot office building on a .4-acre vacant lot at 941 Lake Baldwin Lane is being planned by the owner of the Colonial Development Group Office Park nearby. DRMP is the civil engineer for the project.

In 2016, AIG Global Real Estate Investment Corp. completed the 256-unit Baldwin Harbor apartments in Baldwin Park’s Village Center.

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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