Altamonte Springs-based Picerne Development Corp. will seek a construction lender in the fourth quarter for its next multifamily project in East Orlando, and is lining up mixed-use plans for 108 acres under contract near Lake Nona, a lead executive with the company told GrowthSpotter.
Picerne filed a Development Plan on Tuesday with Orange County for "Oasis at Crosstown," 343 apartments planned for 17.18 acres at 200 S. Goldenrod Road, located north of S.R. 408.
The DP follows a rezoning request initiated in December, for which Picerne is expecting approval by Orange County Commissioners on June 6. After next week's zoning approval it will start producing construction plans.
Approval of Picerne's DP is anticipated in the fourth quarter, said Stephen Novacki, vice president of development. It would also file plans for a construction permit then, and all permits should be in hand by February 2018, when Picerne expects to close on the land and begin construction.
"This will be the closest new Class A apartments to Downtown Orlando that is surface-parked and doesn't have the added cost of structured parking," he said, projecting a savings in excess of $25,000 per unit with the surface option. "We think this site is extremely well-positioned to draw from downtown, and being on the east side of town with connectivity to (S.R.) 408 it can tap employment drivers that include Lockheed Martin, Waterford Lakes and UCF's research triangle."
The developer will go to market for a construction lender early in the fourth quarter, Novacki said. Picerne Constructon Corp. is general contractor on the project, Forum Architecture & Interior Design is the architect and Poulos & Bennett is civil engineer.
Picerne has five other new projects it plans to close on property for in 2018, the largest of which is in Orlando -- a 108-acre mixed-use development northeast of Lake Nona, to serve as Phase 2 of the 320-unit Oasis at Moss Park apartments it 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.
A rezoning request for this site is also up for final BCC approval on June 6. Picerne initially pursued annexation for the site in March 2016 into Orlando, but the developer was able to "determine a path home with the county which allowed us to save a step from having to annex into the city," Novacki said.
That rezoning from A-2 to Planned Development would allow Picerne to prepare DPs for a projected 272 apartments, 225 single-family homes and townhouses, and up to 55,000 square feet of office or commercial space.
Picerne could close on the land in late First Quarter 2018, said Novacki, and is negotiating now with potential office and single-family home development partners. Of the 108 acres about 66 are developable.
"Lake Nona is one of the biggest bright spots in all of Florida. Significant job growth and population growth has taken place over the past five years, and looking out five years we believe that growth will continue due to new jobs from KPMG, the (Drive Shack) golf facility, and Amazon as well as the hospitals likely to expand and a resort under construction there," he said. "There will be more jobs and population with continued demand growth for rental and for-sale housing and office space."