A company linked to Washington, D.C.-based Republic Family of Companies is seeking environmental permits for a proposed multifamily community in a growing area of Apopka.
Steven Grigg, president and CEO of Republic Properties Corporation, told GrowthSpotter the company is approaching the final stages of gaining city approvals for an apartment community called Harmon on the Lake.
If all goes well, construction should begin by the end of this year, Grigg said.
Plans call for a 180-unit multifamily complex with amenities that will consist of a clubhouse, swimming pool and dog park. The company recently submitted an Environmental Resource Permit application in the St. Johns River Water Management District seeking rights to develop the land.
The project is the third development Republic is working on in Orange County. Its development pipeline includes a 200-unit apartment community at 1000 Avery Village Loop, called Avery Village. Grigg said he expects deliveries for that community to begin by the first quarter of next year.
On about 23 acres next to Avery Village, the company is also working on a second, 400-unit apartment community. The yet-to-be-named apartment complex features a port cochere, 10 multifamily buildings, a dog park, and one clubhouse building leading to a community pool.
Plans for Republic’s Harmon on the Lake community are similar. A conceptual site plan shows a multifamily complex made up of six, 3-story multifamily buildings surrounding a nearly 2-acre retention pond.
Kimley-Horn is the civil engineer and landscape architect.
Republic is under contract to purchase the 12.7-acre parcel at 1951 S. Binion Rd. from a trust managed by Chester and Barbara Peckett, who serve as trustees. Records suggest the Peckett family has owned the land since the 1980s.
Many longtime landholders in the area are preparing to sell their land for future development.
New development in the area follows the completion of new intersections and connections to S.R. 429, as well as the construction of the $200 million AdventHealth Apopka hospital, completed in 2017 less than a mile away.
Some of the first residences in the area appeared in the early 2000s when S.R. 451 was constructed, followed by even larger-scale developments that came as a result of the construction of the Western Beltway (S.R. 429) in the area in the early 2010s.
Today, much of the surrounding land looks rural, but plenty of neighboring properties are being sought out by developers that plan to build residential communities and commercial projects.
To the north, Sunrise-based real estate investment company Centerline Capital Advisors is assembling about 367 acres of land with plans for a large mixed-use community that can accommodate 1.5 million square feet of industrial space, up to 278 multifamily units and up to 643 single-family or townhome dwelling units.
West of the intersection between S.R. 429 and South Binion Road (C.R. 437), JCF Living is pursuing to purchase about 43 acres of land. The company has not yet submitted plans, but its website says the firm specializes in building rental homes.
According to CoStar data, Orlando’s rent growth experienced a strong rebound. Roughly 8,000 units were absorbed during the first half of 2021, marking the largest two-quarter stretch in Orlando’s history.
The average vacancy rate dipped to nearly 6%, following a sharp increase in vacancies during the pandemic, which rose to nearly 10% around the same time last year.
According to its website, Republic is acquiring and developing over 1,000 multifamily units each year in the Washington, DC SMSA, the Mid-Atlantic area and the Southeast part of the United States.