Ustler Development and a co-developer could break ground as soon as October on the first market rate apartments project in Creative Village, filing an initial site plan last week for the 14-story building.
Located at the southwest corner of Amelia Street and Terry Avenue, the 1.59-acre Parcel M (Lot 3) in the downtown college campus was brought under contract last fall by master developer Creative Village Development, LLC, which Ustler is a lead figure in.
A new site plan packet filed with the City of Orlando details approximately 390 apartments, 6,500 square feet of ground-floor commercial space with a front porch and patio facing the Creative Village central park, and 570 parking spaces in an integrated 10-level garage.
Amenities on the building plan include a rooftop pool and pool deck, clubroom and terrace overlooking the central park, fitness center, business center, co-working space collaboration and study spaces on each residential floor, an interior courtyard and bike storage room.
That filing was purposely just for a site and foundation permit set, with the site plan to go before the Creative Village Development Review Committee on July 24.
Vertical construction permit drawings, architecture and elevations will be filed in the coming months and go before CVDRC separately, Ustler Development President Craig Ustler told GrowthSpotter.
The development team is targeting a closing on the land and start to vertical construction this fall, likely in October, he added.
Submission of the vertical design documents to the city could come later this month or in August, pending verification that the final design is in line with the team's construction budget.
Ustler's co-development partner has yet to be publicly announced, but should be when the vertical design is given to CVDRC.
Parcel M will be the first market-rate apartment project at Creative Village, and will follow the mixed-income Amelia Court housing development now under construction, and the 15-story student housing project also under construction, developed by Ustler and DEVEN.
Completion of this market-rate multifamily building is targeted for mid-2020.
As master developer of Creative Village, Ustler will also help coordinate the development of this building with Mill Creek Residential Trust's future plans for market-rate apartments on nearby Parcel U (1.7 acres).
That will be done to appropriately stagger the two buildings from a timing standpoint, and address considerations like the competing unit mix, unit sizes, amenities and architecture, Ustler said.
EDITOR'S NOTE: This story was updated on July 11 to correct and complete the project's list of amenities in the fourth paragraph.