A senior living community and a four-star hotel are among the latest announced additions to the Lake Mary Wellness and Technology Park on I-4 near Primera Boulevard.
Orlando-based Sonata Senior Living announced last week it will build a $52 million, 193-apartment senior living community on 7 acres in the office and technology park. Construction will start early next year, Sonata executives said in a printed statement.
And on Friday, the park’s developers, Parkway Properties Investments LLC, inked a contract with a company that will build a 120-room, extended stay hotel in the park, according to Rich Toomey, Parkway’s director of land development. Toomey did not disclose the name of the hotel chain.
“We’ve also got a public company buying 8 acres for 50 townhomes for sale in the low- to mid-$300,000s,” Toomey told GrowthSpotter. “They are under contract.”
The company also will close this month on the sale of 20 acres in the park for 300,000 square feet of Class A office space.
That means nearly all the vacant land in the 153-acre park has been sold or is under contract, Toomey said. Parkway Properties affiliate LMLD LLC is holding onto a substantial chunk of land for a 300-unit multifamily development. Construction on the apartments will start at the end of this month, Toomey said.
“I only have a 7- and a 2-acre parcel left,” Toomey said. “Hopefully by the end of this year, we’ll be sold out of everything and we won’t even have finished the infrastructure.”
Sonata Lake Mary will be the 12th community that Sonata Senior Living has built in Central Florida. The new development will include 88 independent-living units, 92 assisted-living and 13 memory care apartments in a four-story, 250,000-square-foot building.
Amenities at the “resort-style” community will include multiple dining venues, a full-service juice bar, a fitness center and spa; a bocce ball court, putting green, theater, pool and dog park.
Construction of Sonata Lake Mary will coincide with work on Orlando Health’s $470 million hospital at Rinehart Road and Manderley Run. Toomey said the healthcare chain has already completed an emergency room and helicopter pad on the 38.44 acres Orlando Health owns in the park.
Sonata spokeswoman Shelley Esden, who could not be reached Friday, said in a printed statement the company’s vision for the project is a “community within a community” which places an emphasis on “wellness.”
“The location in the Lake Mary Wellness and Technology Park will provide our residents convenient access to world-class medical facilities in addition to our own signature care,” Esden said in her release.
Toomey and his partners have been working on developing and entitling the massive park for five years. They originally envisioned a typical mixed-use development with a large commercial/retail component surrounded by residential. Orlando Health’s decision to locate in the park changed all that.
“Halfway through that process we landed Orlando Health,” Toomey said. “We knew we were putting a multifamily project in there. We realized you’re not going to build a typical town center. We didn’t want to do that. What we assembled over the last year _ and we’re close to being sold out _ are users that co-mingle.”
Toomey said Orlando Health would probably not have located in the park if the partners hadn’t planned a substantial, upscale apartment complex where doctors, nurses and other hospital workers could live. The townhomes add another residential option. Many of the office workers will also choose to live in the park, within walking distance of their jobs.
The presence of the hospital also influenced Sonata’s decision to buy 7 acres in the park, company president and CEO Stuart Beebe said in a statement relayed to GrowthSpotter.
“What makes it so compelling is the opportunity to develop a best-in-class senior housing community in a market that has unmet demand combined with the added benefits of being part of Lake Mary Wellness and Technology Park and the synergistic healthcare components being created there,” Beebe added.