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Jacksonville developer buys portion of mixed-use Maitland Concourse North

Jacksonville-based Vestcor Companies just bought a portion of the  master-planned Maitland Concourse North mixed-use project, with plans to develop a new assisted living facility.

According to a deed recorded Monday in Orange County, Vestcor paid $3.25 million for 5.7 acres of land on Lot 5 of the 96-acre Trelago Planned Development the same PD where Miami-based Related Group is close to completing a 350-unit multifamily complex, dubbed Trelago.

Located at 601 Trelago Way, the property fronts Lake Charity on the northeast corner of Concourse Parkway South and Maitland Boulevard.

An application filed with the city's Planning and Zoning department shows Vestcor sought a conditional use approval in November to build an assisted living facility with 134 beds across 120 units.

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A conceptual site plan for the project reveals Vestcor wants to build a 114,000-square-foot project. The unit mix pencils down to 100 assisted living units across 111 beds and 20 memory care units across 23 beds.

The community will be built in one phase. Amenities include a fitness and wellness program, chef prepared meals, 24-hour nursing care, specialized long-term care for residents with Alzheimer's and/or dementia, among other forms of illnesses, and transportation services.

The seller was an affiliate of Winter Park-based Battaglia Group, who retains ownership of the surrounding area, which it intends to sell off or lease in stages.

In 2017, Lake Mary-based Pelloni Development was negotiating with Battaglia to buy 16 acres of boulevard frontage to build the project's 130,000 square feet of retail, but that contract fell through.

Zoning for the mixed-use project was approved in 2016. About eight acres of the planned development site is designated for office construction and about three acres can be developed into a hotel.

Neither a representative at Battaglia or Vestcor was immediately available to comment.

The Related Group bought the first 20 acres in August 2017 for $10 million. As part of that deal Related agreed to master develop the site work and infrastructure for the property.

In September, Battaglia sold a trio of office buildings across from the Maitland Concourse North mixed-use project for $16 million to local real estate investment firm, Parkway.

This would be Vestcor's third senior housing development in Florida and first in the greater Orlando market. Founded in 1981, the company has developed dozens of affordable housing communities in Florida and Texas, including two in Sanford and Longwood. It also has divisions that specialize in student housing and renovation/rehabilitation of historic properties.

Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on FacebookTwitter and LinkedIn.

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