Orlando-based Nvision Development Management Services and a Texas-based partner have 12.3 acres under contract south of Valencia Community College East, and got the ball rolling on Wednesday to rezone the site for a student housing project.
The group has completed due diligence since holding a pre-app meeting with county staff in mid-January, and filed a Land Use Plan request with Orange County to rezone the property from residential to a Planned Development for a 180-unit, 456-bed student housing project dubbed "River Run at Valencia."
Located at 113 S. Econlockhatchee Trail, the site lies a half-mile south of the Valencia Community College East campus. Mitigation on the parcel will likely leave 11.4 upland acres.
"It's exciting with the plans that Orange County has to expand the Econ Trail south of Valencia. They'll be four-laning that road, budgeted for between 2018 and 2020, and with it will have a five-foot-wide sidewalk going directly from this property to Valencia," president Ian McCook told GrowthSpotter. "That's a key part of this project being successful. Currently, students at Valencia have no options (within 3 miles) to live close to that campus in a student housing atmosphere."
The PD rezoning request should go before Orange's Development Review Committee on June 21. Nvision has a Development Plan ready to file after rezoning is approved, McCook said.
Nvision is joint venturing with the Texas-based investment group, which McCook declined to name. The project's investment forecast is $30 million, he said, with an expected closing on the land in October.
The developer has an agreement for its deposit to go hard upon approval of the PD, or a drop-dead date of Aug. 31. The JV partners are still evaluating whether to fully self-fund the development, or seek conventional financing sources, McCook said.
McCook's goal for the project dating back to January is to begin construction late this year to be open in Summer 2018, prior to the August 2018 semester start.
Steven Ruoff of Ruoff and Associates introduced the Texas investors to Nvision last year, McCook said. He described the group as having other commercial and multifamily assets in Central Florida.
The prospective seller is Savi Investments LLC, an affiliate of Vishaal Gupta and father Suresh Gupta, lead executives with Park Square Homes. Savi paid $290,200 for the property in May 2016.
NVision is currently the development manager on the Guptas' Champions Vue project in Polk County. It served as site manager for construction of the Alfond Inn in Winter Park, and now has a 196-unit apartment project approaching construction in May in the Tampa area.
Slocum Platts is the project architect, LandSmart Consultants of Winter Garden is civil engineer on the project, KLE Surveying and Mapping of Lake Mary is the surveyor and Modica & Associates of Clermont is environmental consultant.