Atlanta-based developer Tramell Crow Residential has a contract on 25 acres northeast of Universal Boulevard in the heart of Orlando's tourism corridor, positioning what would be its third local apartment community between new attractions and Universal Orlando's 474 acres of land, a lead executive with the company told GrowthSpotter.
Located north of the Las Palmeras by Hilton Grand Vacations timeshare hotel, the project's footprint would occupy the northeast corner of a 63.77-acre parcel owned by Orlando Equity Partners LLC (OEP), an affiliate of Southwood Development Company in Atlanta.
"We're under contract on that property. No plans have been filed yet, we may close (the purchase) at end of the year," managing director Jim Berardinelli said Thursday.
A developer, builder and manager of apartment communities, Tramell Crow would be taking 25 acres that neighbor the planned sites of Topgolf and Andretti Indoor Karting & Games, and an OEP tract sought by Empire Equities for a potential Le Meridian hotel.
"That location is just white-hot with momentum now with all the projects going. The advent of Topgolf and Andretti as drivers next door was important for us, as is the 400-pound gorilla of Universal and what it will do there with that additional acreage," he continued. "But you also have Lockheed Martin there with all its jobs, and office parks to the east. So its a nice juxtaposition to have the tourism juggernaut and a counterbalance of white collar jobs."
The property is zoned for up to 700 units, and Trammell Crow would likely approach 650 units through two phases, Berardinelli said.
The product would be the same market rate, Class A apartments the company has built around the country. Financing to be sought would involve a mix of institutional-level equity and construction loan, Berardinelli said.
The same 25 acres were also pursued by Atlanta-based Davis Development, which showed a conceptual site plan for apartments in April to Orange County staff, but didn't have the land under contract with OEP.
Any development by TCR on the OEP property would follow two already in the pipeline.
TCR currently has its 314-unit Alexan Crossroads project near S.R. 417 and the south end of International Drive under construction, and in pre-leasing.
That will be followed by the planned $50 million, 356-unit Alexan at Audubon on 15 acres north of Fashion Square Mall.
An affiliate of UP Development owns that site, formerly home to Anthem College, and filed a demolition permit request this month with City of Orlando.
TCR is finalizing its design of Alexan at Audubon, should have entitlements approved July 11 by city commissioners, and plans to close on the property purchase on Aug. 30, Berardinelli said.