Developer Ronen “Ronny” Yacobi said he is close to getting City of Longwood approval for his new multifamily project called Kiwi at Fern Lake.
The complex will consist of 75 market-rate apartments in one four-story building at 707 East Street.
The 2.5-acre property abuts Fern Lake and will have a small dock on the lake for residents to enjoy the natural setting. The property is near Longwood City Hall and two hospitals, Orlando Health South Seminole Hospital and AdventHealth Centra Care Longwood. An L.A. Fitness is being built just west of the property on busy U.S. 17-92.
“Our target market is young professionals,” Yacobi told GrowthSpotter, “and they will come from these hospitals and also from City Hall. Also, I’m thinking we’ll get some of the young families that are moving into this area.
Of the 75 units, 63 with be one-bedroom, one-bath, and the other 12 will be either two or three bedrooms with two baths, Yacobi said. The four floors of apartments will sit above a covered parking area. The complex will feature a clubhouse with a fitness center, a pool and deck.
“Let’s not forget the elderly people who like to move into this kind of complex,” he added. “It’s going to look and feel like a hotel. For them it’s going to be an upgrade. I know because I’ve had a lot of people tell me they want to move in.”
The complex will be unique in that the walls, floors and ceilings will be almost 100 percent concrete, making it “non-combustible,” Yacobi said, as well as storm-resistant and energy-efficient.
“First of all, it’s green, and second it’s strong,” he said. “And obviously for long-term maintenance it will be better. I believe this building is going to stay for a long time. I’m not planning on selling it anytime soon. I believe the tenants are going to really love it.”
Yacobi bought the property in April for $562,000, according to the Seminole County Property Appraiser’s records. He also owns the nearby 16-unit Kiwi Apartments which is 100 percent leased, according to Yacobi.
Yacobi said he was “inspired” to name the two projects Kiwi after spending half a year in New Zealand. The kiwi, a native, flightless bird, is the national symbol of New Zealand and New Zealanders are known as Kiwis.
The architect chitect is Slocum Platts. American Civil Engineering of Winter Springs is consultant on the project. Yacobi said he is talking to a general contractor for the project but the deal has not been finalized.