Plans recently filed in Orange County indicate the partners want to develop a 200-unit multifamily project at 8751 Valencia College Lane. The 7.8-acre property lies east of Valencia College East Campus and sits adjacent to S.R. 417.
The property hit the market in October asking $1.6 million.
Tommy Fry of Property Logic RE is the listing agent. Fry told GrowthSpotter the parties involved are scheduled to close in July.
The current owning entity, AC Five LLC, acts as a holding company for the family members of the late Robert E. Langford. The hotelier is credited for bringing Central Florida’s first air-conditioned hotel in the 1950s.
The Langford Hotel in Winter Park opened in 1956 at New England and Interlachen avenues. In its heyday, it hosted guests like Ronald and Nancy Reagan, who famously celebrated their 25th anniversary at the hotel three years before he was elected President. After years of operation the hotel closed in 2000 and was torn down in 2003.
Records show the company, formerly known as the Langford Corporation, bought the parcel in 2006 for $1.07 million.
Urbanscape and Republic Properties Corp. are looking to build a multifamily community consisting of five, four-story buildings featuring a mix of one-, two- and three-bedroom units.
Plans show the community will include a 4,737-square-foot amenity center with a pool area for residents. Other amenities include walking trails, picnic areas and an active recreational area with games.
Kimley-Horn and Associates is the civil engineer and landscape architect.
If completed, the asset could potentially draw offers from investors looking to acquire multifamily communities near college campuses.
Last year, West Palm Beach-based Priderock Capital Partners paid $63.25 million for a 356-unit apartment nearby.
The project sits about five minutes north of Valencia College East Campus along North Econlockhatchee Trail.