Orlando-based Nvision Development Management Services and a Texas-based investor have 12.3 acres under contract south of Valencia Community College East, exploring plans for student housing with an anticipated walking path to the campus, the company's president told GrowthSpotter.
Located at 113 S. Econlockhatchee Trail, the property lies a half-mile south of the Valencia Community College East campus. Mitigation on the parcel will likely leave 11.4 upland acres.
Dubbed the River Run Apartments, the 180-unit and 456-bed project would lie along a walking path to the campus, and fill a need for student housing that Ian McCook, president at Nvision, said is lacking near the growing East Campus. The nearest student housing complex is 3 miles away.
"Students now don't have many choices for where to stay near that college, they're looking at older multifamily residential as their choice," said McCook, whose Nvision will be the project's developer and a general partner in the investment. "We see an immediate need for it, and long-term I see great growth of Valencia College over time, and related housing demand."
McCook's group is conducting due diligence on the property, has a site plan designed, and will pursue a Planned Development zoning change with the county if planners indicate it's feasible. Nvision will have a pre-app meeting next week with Orange County planners.
Nvision is partnering with a private investment group in Texas, which has the land under contract. They would be seeking a construction loan later this year after zoning and plans are approved.
The prospective buyer has an agreement for its deposit to go hard upon approval of the PD, or a drop-dead date of Aug. 31, McCook said.
His goal for the project, estimated as a $30 million investment overall, is to begin construction late this year to be open in Summer 2018, prior to the August 2018 semester start.
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.