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Tampa developer to break ground next week on $70M apartment complex

Tampa developer to break ground next week on $70M apartment complex
Tampa-based 2nd Wave Development has received a $70 million construction loan for Prime Orlando, its first multifamily community in Central Florida. (Humphreys & Partners)

Tampa-based 2nd Wave Development is scheduled to break ground June 16 on a Prime Orlando, 340-unit luxury apartment community in Kissimmee’s Sunrise City development.

The developer, a subsidiary of Sembler Investments, bought the 11-acre site late last year for $7.5 million and received approval from Osceola County for its Site Development Plan in the spring.

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Jeff Armstrong, director of acquisitions for 2nd Wave, told GrowthSpotter the company secured a $70 million construction loan from Bank of the Ozarks with preferred equity investment from Marble Capital. Closing is scheduled for June 13 and delivery of the first units should take place in the summer of 2020.

Walker & Dunlop arranged the financing.

The 4-story, elevator-served building by Humphreys & Partners is designed around two interior courtyards with lush landscaping, hammock areas, a fire pit, putting green and bocce ball court. The ground floor courtyard-facing units will have patios with direct access to the common space. All apartments units will have kitchen islands with farmhouse sinks.

2nd Wave Development Director Marc Sembler said the company is raising the bar on design and amenities with a 2-story clubhouse, saltwater pool, yoga lawn, gaming lounge with golf simulator and dog parks for large and small dogs.

“We’ve tried to amenitize it as much as we can,” he said.

The developer sacrificed six apartment units to create a series of indoor-outdoor covered spaces called “caves” for social gatherings. The lounge cave will have a tvs, a fireplace, pool table, poker table and other games. There’s also a designated bar/dining cave for entertaining, and a “functional fitness cave” and a coffee lounge cave.

Hanson, Walter & Associates is the civil engineer, and First Florida is the general contractor.

This would be the second multifamily community in Sunrise City, following the completion in 2018 of Integra’s Sunrise Parc. The Lake Mary developer paid $12.95 million in Feburary to secure another 41 acres in the mixed-use development, which is located on S.R. 535/Vineland Road at the Osceola Parkway.

In January an affiliate of Northwood Ravin and Tampa-based Framework Group paid $25 million for 45-plus acres immediately east of the shopping center and straddling both sides of Sunrise City Drive. The same development team made their Orlando market entry with the 309-unit Solstice community just east of Vineland Premium Outlets.

Master developer Intram Investments completed the Publix-anchored Sunrise City Plaza on S.R. 535. Intram retained 40 acres adjacent to multifamily sites and is planning phase 2 of the shopping center.

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

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