Miami-based Related Group has zeroed in on Orlando’s I-Drive tourism corridor for its next luxury multifamily project.
The roughly 20-acre site, north of International Drive and west of Daryl Carter Parkway, sits within the IDI Orange Planned Development, and currently has entitlements for 12,500 square feet of restaurant uses, 480 timeshare units and 225 hotel rooms.
Related Group is looking to amend the future land use to Planned Development-Activity Center Residential (PD-ACR), which allows for up to 481 multifamily units and 40,000 square feet of commercial.
More specifically, a land use plan shows Related Group wants to develop 420 multifamily units on the property. The community is in an area predominately occupied by hotels and resorts. Nearby tourist attractions include Walt Disney World, SeaWorld and the Orlando Vineland Premium Outlets mall.
A residential project could provide housing options and shorten commuting times for workers.
For more than two decades the land has remained vacant. The current property owner, Vitru Florida Inc., paid $8 million for it in 1998.
A hearing for the land use amendment is scheduled to go before Orange County’s Board of County Commissioners on July 8.
The yet-to-be-named project is one of several developments planned along the new Daryl Carter Parkway, which will eventually extend to Apopka-Vineland Road.
The Daryl Carter Parkway connector will run through Unicorp National Developments Inc.‘s billion-dollar O-Town West mixed-use project and a new $115 million high school at 7725 Palm Parkway. The school, scheduled to be completed by April 2022, will relieve crowding at Dr. Phillips and Freedom high schools.
Related Group is known to build luxury multifamily developments throughout in South Florida, Tampa, Orlando and Atlanta. Its first market-rate project in Orange County was its 350-unit Town Trelago luxury multifamily community in Maitland that it sold last year for $105 million.
The company has previously announced plans to continue to expand in Orlando, as well as other major metropolitan cities throughout the South.