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Multi-Family Residential Developments

Tavistock seeks approval to increase multifamily density on parcel in Lake Nona

Tavistock Development Company is looking to add more multi-family housing to land near Lake Nona. Nearby, the developer constructed the Lake Nona Ariel Apartments, shown here.

A developer that owns 11,000 acres of land in Lake Nona has filed plans to bring another multifamily asset to the area.

Orlando-based Tavistock Development Company —the largest landowner in Central Florida’s hottest residential market — is seeking approval from Orange County to place a 362-unit apartment community on a 17-acre parcel south of the Orlando International Airport and just north of S.R. 417, the Central Florida Greeneway, where two new school campuses are set to emerge.

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The developer, in May, submitted a change determination review to the county, hoping to increase the allowable residential density on the property. That request is also pending approval.

Height restrictions for the property currently limit residential dwellings to three stories, or 40 feet. If the waiver request is granted, Tavistock would be allowed to build as high as four stories with 20 dwelling units per acre, instead of 18 units per acre, according to plans.

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The land sits south of where the Orange County school district plans to build a new high school and just southwest of the future home of the Orlando campus for Inter American University of Puerto Rico, which will also include student housing.

According to site plan documents, Tavistock is requesting the change to “allow for flexiblity in the design to facilitate a more urban style of development.”

The land sits south of where the Orange County school district plans to build a new high school and just southwest of the future home of the Orlando campus for Inter American University of Puerto Rico, which will also include student housing.

The parcel sits within the Greeneway Park PD, a mass that stretches more than 120 acres on the southwest corner of Lake Nona Boulevard and Boggy Creek Road, less than 10 miles south of the Orlando International Airport.

Tavistock owns more than 11,000 acres within the Lake Nona Master Planned community.

Lake Nona is the top-selling residential community in Orange County, adding 685 rooftops in 2021. Last year the community ended the year ranked 18th among the fastest-growing master-planned communities in the nation, according to RCLCO.

Completed projects within the Greeneway Park PD include a Publix super market along Lake Nona Road, two gas stations, a SpringHill Suites that opened last year, and a 348-unit Lake Nona Ariel Apartments, comprised of three-story buildings.

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Overall, the approved development program, which dates back to 2015, comes with entitlements for 2,122 residential dwelling units, 272,000 square foot of commercial, 313,750 square foot of industrial space, 350 hotel rooms and 115,000 square foot of office space.

More than 65 acres within the Greeneway Park PD are vacant today.

The application pending approval focuses on Parcel 6C, which has multifamily and office space as an approved use.

This sliver of land runs along the northern side of SR 417 and sits to the west of the large Beacon Park subdivision. To the north is property owned by the Orange County School district where a future high school is slated for construction.

The school board purchased the 54-acre parcel for $16.5 million in 2018 with a long-term plan to build a new high school in the year 2029, school records show.

It would be the second new high school to come to the region in a decade. Further east, north of Lake Nona, the school district plans to open a high school in early 2024.

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Both would relieve overcrowding at Lake Nona High School and Cypress Creek Senior High School. Lake Nona High School has a capacity of 2,807 students but it’s projected to welcome over 4,300 students in 2023 — the most of any high school in the county.

Cypress Creek High School has a capacity of 2,763 but is projected to have 3,412 students by 2023, school records show.

To the east of the future high school, Universidad Interamericana de Puerto Rico has filed plans with Orange County to build a private university with a 192-bed dormitory.

An affiliated company purchased the 17.8-acre parcel from Tavistock in 2021 for $8.5 million.

Amid the area’s growth, Tavistock has also been working to revise its land-use plan for nearby Lake Nona.

Tavistock Development Company opened the Lake Nona Wave Hotel in 2021.

The developer recently submitted a request to the city of Orlando seeking approval of a revised long-term plan that will guide development over the next 40 years.

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In its proposal, Tavistock is seeking entitlements for an additional 7,225 housing units and an extra 7.2 million square foot of office and civic space.

In October 2021, Tavistock announced plans for a new music-themed Aloft Hotel, part of Marriott Bonvoy’s brand portfolio. Construction is expected to start in early 2022 on the 6-story hotel, which is just north of S.R. 417 and next to Drive Shack.

In March, after the City of Orlando granted a request for taller buildings in Lake Nona, Tavistock filed a site plan for a trio of apartment towers as high as 18 stories consisting of 625 residential units.

Walt Disney World will soon have a home in Lake Nona. The entertainment and media conglomerate in September paid $46.42 million to secure a 60-acre development site with plans to build 1.8 million square feet of office space across multiple buildings, with a minimum height of four stories. Upon completion, 2,000 employees will be relocated from California.

Tavistock is also in the midst of seeking a land-use change for Orlando’s Infinity Park that would allow the construction of as many as 750 multifamily units in what was originally intended as an industrial center.

Have a tip about Central Florida development? Contact me at (407)-800-1161 or dwyatt@GrowthSpotter.com, or tweet me at @DustinWyattGS. Follow GrowthSpotter on Facebook, Twitter and LinkedIn


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