Waypoint REI is under contract to buy 136 acres along Lake Wilson near Reunion Resort, property previously under contract by Altamonte Springs developer ContraVest, which had planned to build a 310-unit apartment complex.
“We came across this property that was permit ready. We have been able to approach the landowner ourselves and we’ll develop it ourselves,” Waypoint deal lead Jim Lott told GrowthSpotter.
Waypoint negotiated a deal for the land near the Polk and Osceola county line from Lucia Camara, owner of InvestiFlorida Capital LLC, Lott said. Waypoint plans to continue with the apartment concept – but its own and not the ContraVest-branded Addison. The complex will be called Volaris Lake Wilson. Lott said he expects the purchase to close in the first quarter of 2021 with construction starting early in the second quarter.
“It came down to us building more efficient buildings from a cost perspective,” Lott said of the site plan change. “We are just building the buildings we use. It really has to do with us building what we’re comfortable with. We’re putting in our standard clubhouse, standard pool.”
Waypoint plans 312 Class A apartments in two 48-unit buildings and six 36-unit buildings – offering 1, 2 and 3 bedrooms, Lott said. All of Waypoint’s buildings with be 3-story walk-ups with open breezeways. Contravest, which was under contract for the land in March, had planned different product mix with a combination of midrise garden buildings and carriage houses.
A separate clubhouse with pool in the back is planned along with a water feature, all of which will be at the front entrance of the community. Other typical amenities for Waypoint properties include a dog park and dog spa, as well as a fitness facility with a gym and yoga studio.
Lott expects the apartments to attract 25-to-35-year-old professionals in the area.
“We see a tremendous amount of absorption that is going on along with employment growth,” Lott said.” As It relates to apartments, it’s only going to continue to grow and absorb the apartments we are trying to build.”
The property offers easy access to highways leading to Orlando’s job and entertainment opportunities, running runs along the west side of Lake Wilson Road, directly south of C.R. 532/Polk Osceola Line Road. The Garrett Companies completed The Versa, a 240-unit Big House-style apartment complex on the land immediately north of the Lake Wilson site.
“This is in the growth corridor - the southwest side of Orlando where it has had explosive growth,” Lott said. This is in Polk County, which historically has not seen the amount (of growth) that Orlando has. If you just follow the growth, this is where we have been led to.”
Kimley-Horn continues as the civil engineer and is working to submit revisions to existing permits, Lott said.
ContraVest is among the companies bidding to be general contractor for the project. “Yes, we would like to be involved. We do third party work. We are intimately involved with the project. We had a full set of civil permits when COVID hit,” Contravest builder president and co-owner Steve Ogier told GrowthSpotter. He said his company had to walk away from the project because its financing partner backed out. “Waypoint is a great company, and we hope to work with them.”
After the land closure and permit updates, “we will probably talk with a couple of different groups,” Lott said. The clubhouse should be completed 12 months after construction starts with the project end slated for 18-24 months from construction start.
Boca Raton-based Waypoint has eight projects across Florida right now in different stages of development, Lott said. The company previously completed Volaris-branded communities in Sarasota and Tampa.