Two multifamily projects under review in Sanford would, if approved, bring a combined total of 720 housing units to one of the city’s main corridors.
Miami-based Royal Palm Companies is under contract to purchase an assemblage of parcels along the south side of State Road 46, roughly three miles west of downtown, for a mixed-use concept that’ll include a luxury 462-bed apartment community and future commercial space, site plans show.
Meanwhile, Atlanta-based Carter USA submitted early site plans to the city this month seeking approval for a 320-unit apartment community with room for commercial growth just south of S.R 46 near the northeast intersection of St. John’s Parkway and Rhinehart Road.
Both sites are in close proximity to each other, separated only by a cluster of condominiums.
Royal Palm Companies’ mixed-use project, Tuscany Village, is further along in the city review process and is slated to go before the city’s planning and zoning committee on Aug. 4. It will feature seven, four-story multifamily buildings with 60 units a piece, according to site plans. Each L-shaped building will contain interior hallways and elevators and a mix of one, two, and three-bedroom units averaging approximately 975 square feet.
Four of the residential buildings, along with an 8,000 square-foot 1-story clubhouse, will surround a pond on the southeast site of the property. The clubhouse will feature a 24/7 fitness center, indoor pet grooming, a co-working business center with five private offices and a conference room, a clubroom with a demonstration kitchen and curated original artwork.
The clubhouse will lead out to a resort-style, 2,200 square-foot pool with spa, cabanas, a summer kitchen and daybeds.
A dog park with benches and an activity lawn will accompany building 5 in the center of the apartment community. Buildings 6 and 7, on the far west end, will be separated by a landscaped courtyard with grills, soft seating, work spaces, and family dining areas.
The apartments will have private balconies, walk-in closets, full-size washers/dryers; and feature high-end finishes throughout, including plank-style flooring, chef-inspired stainless steel appliance packages, and electronic entryway locks, according to city documents.
The apartment community will come with 765 parking spaces, including several garages.
Plans also set aside 2.2 acres of space facing S.R. 46 for future commercial development. Both parcels, separated by an operating auto service center, could hold retail, office space or other permitted uses at a minimum of 10,000 square feet.
Before the project can move forward, the city must change the zoning of the 21-acre plat to a mixed-use district.
Approximately six acres of the property contains five parcels with single-family and mobile homes that were built between 1930 and 1972, according to a staff report regarding the proposed project.
Most of the property is a 14.5 acre greenfield that has historically been used for agricultural purposes and was previously encumbered by the 2011 Tuscany Village PD, which contemplated a mix of retail, hotel, office and restaurant uses.
“However, due to years of a lack of demand for the mixed-use project, no development permits were requested or approved for the site, and it has remained vacant until the present time,” the staff report reads.
Most recently, the 14.5 acre property was listed for sale for 340 days before the applicant contracted to purchase it. The property seller had received three other offers during that same period, all for multifamily developments — which city planning officials say are needed.
The City of Sanford is in CoStar’s North Orlando submarket. Per CoStar, post-pandemic leasing in the North Orlando Submarket over the last year has been so strong that overall vacancy has dropped more than 4% since the close of 2019, and there were more new apartment units leased in 2021 than any other calendar year in the past decade.
“Much of the recent demand has been driven by population growth into North Orlando, which is up 6.5% over the last five years,” a city report about the Tuscany Village project reads. “As immigration to the Orlando area persists moving forward, demand will continue to grow in this submarket, which has traditionally been one of the most popular with renters within the metro area.”
City officials say the project is compatible with existing land-use designations and the surrounding area.
“The need for supportive residential uses in urban areas with existing commercial and office options couldn’t be clearer in the City’s Comprehensive Plan,” the report says.
Fewer details are immediately available regarding the Carter Acquisitions project, which was submitted to the city for review on July 12. However, GrowthSpotter reported on the plan in October when a permit was submitted to the St. John’s Water Management District.
A site plan, drafted by Maitland-based engineering firm Madden, Moorhead & Stokes, shows ten four-story apartment buildings and a clubhouse, with a pool and around a pond on 20 developable acres. Units would be as small as 700 square feet.
The site plans also show 2.3 acres of space available for future commercial development, with a proposed building area of 25,000 square feet.
The average asking rent for all apartments in North Orlando is currently $1,760/month, slightly below the Orlando market average of $1,810/month, according to the city report.
Founded in 1978, Royal Palm Companies (RPC) has delivered more than 6,000 units across mixed-use developments, multi-family, residences, and hospitality assets totaling over $3.5 billion in managed and completed projects to date, with over $2 billion in the pipeline.
The company’s portfolio includes the recently completed and internationally renowned Paramount Miami Worldcenter, which is the second largest master-planned urban project in the United States, according to RPC’s website.
Carter is a 64-year-old, Atlanta-based commercial real estate development company with major multifamily, mixed-use, adaptive reuse, and office projects throughout the southeastern United States, according to its website.
The company has over $450M of mixed-use projects in the Atlanta area in development, including Summerhill, the 80-acre redevelopment of the former Turner Field area, and MET Atlanta, an over 100-year-old industrial property-turned-creative campus.
Recently, the company announced plans to buy a former Florida Tile site in Lakeland for $10 million in order to redevelop it, the Lakeland Ledger reported.
There are other multifamily projects in the works in Sanford, particularly along the S.R. 46 corridor.
North American Development Group, which has offices in Ontario, Canada and West Palm Beach, received city approval in May for a mixed-use community called Kings Crossing at the southeast intersection of S.R. 46 and E. Lake Mary Boulevard, just northeast of the Orlando Sanford International Airport.
Most recent site plans show a Publix-anchored shopping center with surrounding restaurants and retail space alongside a 244-unit apartment complex.
A few miles west, Winter Park developer Condev has enlisted Atlanta-based real estate firm Davis Development and Pulte Homes to build residential units in its planned mixed-use community near Sanford’s SunRail station.
Davis Development will be taking over the multifamily portion of plans, which include building a large transit-oriented apartment community consisting of 529 market-rate rental units.
Meanwhile, Pulte will be developing 120 fee-simple townhomes on the topmost end of the community, located on roughly 40 acres north of S.R. 46 (West 1st. St.), between Martin Luther King Jr. Boulevard and West Airport Boulevard.
Wendover Housing Partners is looking to add to Sanford’s affordable housing stock by adding another phase to its Monroe Landings apartment community within the city’s historic Goldsboro neighborhood.
The first phase of Monroe Landings is 60 unit. Phase 2 would bring another 84 affordable units to the property next door. All of the units will be affordable according to criteria set by the federal Department of Housing and Urban Development.