Eastwind Development paid $3.97 million on Thursday for the first takedown in a two-phased, transit-oriented multifamily site across from the new Tupperware SunRail Station.
The 14-acre site lies along the newly widened Orange Avenue, just north of the new Orlando Health free-standing emergency center and medical pavilion.
The developer should break ground in July on 240 market-rate apartments, dubbed San Mateo Crossing, with delivery in the latter half of 2019. Eastwind will introduce a new loft unit on the top floor of its buildings with cathedral-style ceilings and stairs leading up to a loft, said Stephanie Miller, director of asset management.
"We think it's a great location because it will be right on the SunRail line," she told GrowthSpotter. "We have some great design features we'll bring in to this community, including an over-the-top amenity package, and think it will really fill a need in that area. We've been successful with our other two projects in Kissimmee."
"This is the first phase," Tupperware Vice President Tom Roehlk said on Friday. "Next year they'll buy another four acres for Phase 2. That's approved for another 112 units."
Aztec Group Inc. arranged $8.925 million in joint venture equity financing for the development.
“Transit-oriented developments are very viable and popular across the state,” Aztec Group’s Jason Shapiro said in a release. “Our client saw this is an opportunity to stay ahead of the market and keep pace with a major development trend as more and more demographics seek work and living options close to public transit.”
Eastwind filed a Site Development Plan on June 16 for Phase 2 of San Mateo Crossing.
SunRail's southern extension into Osceola County has helped drive new development, particularly around the Tupperware Station, where all of the land is controlled by the corporation. In addition to a new 350-unit apartment complex, Tupperware landed a major employer with Orlando Health.
Roehlk said here in early May he has an LOI from a multifamily developer for 20 acres south of the station, at the corner of Osceola Parkway and Orange Avenue. The site, which has sat vacant for years, is approved for up to 400 units.