National apartment developer and manager Wood Partnersfiled plans Tuesday for its latest Orlando-area project, with 314 units proposed for east of the tourism corridor, next to a retail center planned by Toronto-based North American Development Group (NADG).
Located on the northeast corner of the Central Florida Parkway and S. John Young Parkway intersection, NADG led the way beginning in January to develop 23 acres owned by an affiliate of Ashok "Chuck" Khubani, founder and CEO of OnTel Products, a national manufacturer of "As Seen on TV" consumer goods.
"We had been talking with NADG for over a year now, and at one time were involved with pursuing the property more directly through the underlying land seller," Bryan Borland, Wood Partners' director for North Florida, told GrowthSpotter on Wednesday. "They've helped facilitate the transaction though. It's a unique opportunity to develop what is effectively a mixed-use property on the same parcel, separated only by a lot split with NADG's project."
The property lies at the confluence of key traffic arteries, and near some of Orlando's top employment drivers, includings Darden's headquarters and hotels the Ritz Carlton & JW Marriott Grande Lakes less than five minutes away. It's also within walking distance of three A-rated schools.
"Our goal is to close (on the land purchase) prior to year end, though it's possible closing will bleed into First Quarter 2017," Borland said. The project will be funded with a private equity partner now secured, and a construction loan for which lenders are being evaluated, he added.
NADG had infrastructure plans approved by Orange County in late March to develop 9.4 acres of the tract as a first phase of commercial, dubbed Grande Lakes Plaza, where retail outparcels will front the two parkways. The company bought that land in April for $6.46 million.
NADG had a lot split approved in late July for that property, breaking it into a 2.59-acre lot on the corner where a Wawa is planned, and a 6.84-acre lot for the retail center. Infrastructure work was projected to start in the second half of this year, though no notice of commencement has been filed with the county.
Wood Partners has the remaining 13.58 undeveloped acres directly east under contract, and filed its Development Plan on Tuesday with Orange County.
The plans project 314 units across 10 three-story buildings, with 124 one-bedroom units and 185 two- and three-bedroom units. To be named Alta at Grande Lakes Apartments, the community will have a swimming pool with cabana and dog park.
The DP has yet to be scheduled for a Development Review Committee hearing. Wood Partners has a Land Use Plan amendment coming up before the Board of County Commissioners on Aug. 23, which will allow apartment usage on this tract within the Project ABC PD.
Wood Partners currently owns three multifamily properties in Orlando, with Alta at Eastmar Commons (312 units) its newest now completing construction, and in lease-up. The company recently sold The Ivy Residences at Health Village in late April, and typically sells its new developments upon stabilization.