Located on the northeast corner of Dowden Road and Randal Park Boulevard near Lake Nona, the land falls within a 33.5-acre parcel that is one of the last large undeveloped parcels in or neighboring the Randal Park PD.
"We plan to introduce our townhome product that is currently being offered with great success in Tapestry (Kissimmee)," Orlando Division President Alex Martin told GrowthSpotter. "We are currently projected to break ground spring of 2018, with a target grand opening of Fall 2018. Randal Park is currently sold out of townhomes, and we have less than 200 single-family home sites remaining."
Local developers Intram Investments and Blurock Commercial Real Estate are partnering on a purchase of the entire parcel and development of about 15 acres for the retail center, first reported here in March. Those plans call for 82,500 square feet of leasable area, including a 50,000-square-foot grocery anchor.
Now their joint-venture affiliate LLC has filed an Administrative Master Plan with the city of Orlando to develop 107 townhomes on the northern 18 acres of the site.
James G. Willard, partner at Shutts & Bowen, is serving as legal counsel for the developers.
Intram and Blurock's affiliate should close on the entire 33.5 acres in January, when it will flip the 18-acre portion to Mattamy in a separate deal. Mattamy would begin construction on the townhomes shortly after.
Randal Park was established in 2012 as a master-planned community, and features miles of outdoor recreation trails, eight neighborhood parks, and a community clubhouse with fitness center, resort-style pool, splash pad and dog park.
"The (new townhomes) project is very attractive to us as a result of its location -- excellent schools, proximity to commuter routes and employment centers, as well as the planned commercial project adjacent to the property," Martin said.
The current land owner and prospective seller is an affiliate of MAA, a publicly traded multifamily developer REIT focused on the South and Southeast, which inherited the site after a merger in 2013 with Colonial Properties Trust.