Altamonte Springs-based Picerne Development Corp. should close this week and break ground on 17 acres in East Orlando for its next local multifamily project, and is on pace for a May closing and start for 108 acres of mixed-use development near Lake Nona.
The developer is fully permitted and set to close Feb. 15 on the land for "Oasis at Crosstown," a 343-unit complex planned for 17.18 acres at 200 S. Goldenrod Road, north of S.R. 408.
UPDATE: Picerne paid $5.88 million for the land on Feb. 15. Robert E. Smith of Orlando-based Smith Equities represented the buyer.
The sellers are members of the Musa and Harrow families, managed out of San Juan, Puerto Rico. The developer rezoned the site and earned Development Plan approval last year with Orange County.
To be marketed as Class A apartments close to downtown Orlando that are surface-parked without the added cost of structured parking, Picerne estimates a savings of more than $25,000 per unit via that design.
"This will be a nice, low-cost alternative to some of the newer Class A, market-rate projects that are in downtown," vice president of development Stephen Novacki told GrowthSpotter on Friday. "They'll be four-story buildings with elevator service, units that are the largest in the downtown marketplace with an average of just under 1,100 square feet, and amenities that include a 12,000-square-foot clubhouse and resort-style pool."
Picerne should begin site work on Friday immediately after closing. M&T Bank is the construction lender, said Novacki, who declined to disclose the purchase price or loan terms before signing.
Oasis at Crosstown will join a lineup of five projects Picerne currently has under construction in Central and North Florida, and a development pipeline of six other projects the company plans to close on by year's end, Novacki said.
Lead among those is a 108-acre mixed-use development northeast of Lake Nona, to serve as Phase 2 of the 320 unit Oasis at Moss Park apartments Picerne built in 2015.
Located off the northeast corner of Moss Park Road and S.R. 417, the 108 acres lie north and east of Picerne's Oasis at Moss Park and are under contract from the Gary T. Randall Trust, managed by Gary T., son of the late Walter Doane ''Bo'' Randall, who founded Randall Made Knives in Orlando.
Picerne rezoned the property last June from A-2 to Planned Development, allowing it to prepare phased plans for what are now 262 apartments, 122 single-family homes, up to 50,000 square feet of office space and a private preschool site.
The company has construction plans under review with the county and South Florida Water Management District for Phase 1 multifamily, and infrastructure for the entire site with a new spine road that stems northward from Moss Park Road.
"We're 97 percent occupied now at our Oasis at Moss Park apartments, so there is clearly market demand there," Novacki said.
Picerne is scheduled to close on the entire 108 acres in May, and break ground that month on the apartments (9.84 acres), infrastructure, stormwater ponds, a lift station and spine road, said Novacki, pending permit approvals.
Picerne has Beazer Homes lined up to buy the single-family home phase, which would be 62.1 gross acres and 30.65 net developable acres for 122 lots, according to a Preliminary Subdivision Plan filed in late December. Novacki declined to confirm the homebuilder under contract.
"On the office side we're not sure yet what route we'll take. We're still talking to people, and may (develop) it ourselves or find the right partner to develop that aspect of the project," Novacki said. "Same with the school. We can build it and find a user, but are in discussions with various private preschools and hope to make a decision on that here in the next few months."