The project would be the first age-restricted development within the Hamlin Town Center master-planned community, Boyd Development partner Ken Kupp told GrowthSpotter.
"It's a whole different animal," Kupp said. "Greystar is a great company and we're excited for the opportunity to have one of its developments."
The land at 5300 Hamlin Groves Trail is under contract and currently owned by Boyd Development.
According to a Development Plan Review application submitted in Orange County, Greystar is looking to build a 180-unit, age-restricted community on 5.84 acres of land just south of the new Publix Super Market at Hamlin Cove.
The project will consist of a mix of one-, two- and three-bedroom units. Proposed amenities include a roughly 24,500-square-foot clubhouse, swimming pool and sun deck and lawn space dedicated to games such as Bocce Ball or Cornhole.
The multifamily development and property management firm is also seeking a waiver to allow a parking ratio of 1.2 spaces per unit.
The land sits across the street from Cove at Hamlin residential community, now in development homebuilder Taylor Morrison.
Nearby, on the southeast corner of Hamlin Groves Trail and New Independence Parkway, is Boyd Development's lakefront retail center, featuring Orlando’s first 10-screen luxury theater Cinépolis.
Other planned developments include a 220-acre sports and recreation complex and a 75-acre medical campus featuring a new $100 million proton center.
The recently completed Lakewalk at Hamlin, with 316 units south of New Independence Parkway, is more than 90 percent occupied, Kupp said. The apartment complex, built in 2017, is managed by Greystar's property management team.
The investor and developer of apartments is active in Central Florida. It's planning to open its Overture Dr. Phillips active-adult apartment community in a few months.
Amenities in that community include 13,000 square feet of community spaces, coffee bar and bistro, gaming room with billiard tables, private movie theater, hair and nail spa, fitness center, yoga studio and dog park.
Developers and investors have been flocking to Winter Garden's Horizon West neighborhood. Just this week, Sun Terra Communities paid nearly $42 million for 534 acres of undeveloped land in the Horizon West Town Center.
The land is entitled through the Horizon West Sector Plan for up to 1.5 million square feet of commercial use and about 2,300 dwelling units.
Though, Overture at Hamlin would be the first active community within Hamlin Town Center, it won't be the first in Horizon West.
An official with Pulte Homes recently told GrowthSpotter it will be planning its second active adult community in the submarket.
Through its Del Webb brand, Pulte plans to close on 200 acres for the project, set to rise on the south side of the Hartzog Road extension and on the west side of the 429, just north of Orange Lake resort.