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Developer looks to activate plans for apartment complex on Westgate Drive in MetroWest (updated)

The seven-story apartment building would have a two-story clubhouse incorporated into the main building.
The seven-story apartment building would have a two-story clubhouse incorporated into the main building. (Charlan Brock Architects)

Sarasota-based Paramount Development wants to build a 7-story apartment building in Orlando’s MetroWest neighborhood.

Paramount has filed a Specific Parcel Master Plan for the proposed 258-unit midrise apartment building on a 6.47-acre site at 5712 Westgate Dr., just west of S. Kirkman Road. The community, dubbed The Flats, would abut the recently completed West Vue apartments by RISE: A Real Estate Company to the south.

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Paramount principals Tom Settle and Don Paxton had delivered thousands of multifamily units over their careers, which have spanned more than 23 years.

“We currently own and operate 30 communities,” Settle said, noting that each Paramount project is underwritten as though it will be a long-term hold.

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The master plan by Poulos & Bennett calls for a single U-shaped building fronting on Westgate Drive with an amenity courtyard and pool, a dog park, and gated access to surface parking for 402 vehicles. The development matrix includes 27 studios, 119 one-bedroom units, 147 two-bedroom units and 28 three-bedroom units.

The 258-unit apartment building would feature a mix of studios and apartments with up to three bedrooms.
The 258-unit apartment building would feature a mix of studios and apartments with up to three bedrooms. (Charlan Brock Architects)

Charlan Brock Architects led the design effort, which incorporates a mix of exterior surfaces in shades of black, gray and white with wood-tile accents. LRDG is the landscape design consultant.

Settle said the density was capped at 258 units and will be built utilizing poured concrete construction. The developer could have used a wood-frame construction and paid for a parking structure, but they opted instead for a taller project so it would stand out in the area and provide better views of the attractions and their nightly fireworks shows from the seventh-floor terrace.

“We’re different because we’re surrounded by a lot of three- and four-story product,” Settle said, citing another benefit of building with concrete. “The number one tenant complaint is noise, and you don’t get that will concrete,” he added.

Settle said Paramount “checks all the boxes” with its common amenities, including approximately 10,000 square feet of common space on the ground floor. One new offering at The Flats will be an Electric Vehicle ride share service.

The vacant land has been owned by an affiliate of VBRO Group since 2006 and was platted that same year as part of a 2004 Planned Development called Grand Terrace at MW.

Paramount’s goal is to start construction by the Fourth Quarter of 2022, and the developer will budget for a 24-month build.

MetroWest has been a lucrative market for multifamily housing with a consistent stream of investment sales. Private equity fund Blackstone Group has acquired multiple properties in the submarket, most recently its $100 million purchase of Harbortown Apartments last December. Earlier this year, Tauras Investment Holdings purchased the 280-unit Summit at MetroWest apartment community at 6500 Metrowest Blvd. for $59.5 million.

The sales activity and high occupancy rates have drawn new multifamily development to the area, as well. The West Vue project by RISE will add 442 market-rate apartments across five four-story buildings. The $58 million complex also features 10,000 square feet of ground-floor retail.

Meanwhile, The Dinerstein Companies is building its 320-unit Millenium at MetroWest overlooking Turkey Lake, with the first units expected for delivery in the new year.

EDITOR’S NOTE: This article has been updated with comments from the developer.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407) 420-6261, or tweet me at @byLauraKinsler. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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