SunTrust Robinson Humphrey has backed the first Class A, market-rate apartment building in Creative Village to the tune of $66 million.
Co-developers Ustler Development and The Allen Morris Company have already started construction on the 14-story, $108 million building at the corner of Amelia Street and Terry Avenue, across from the new University of Central Florida and Valencia College downtown campuses.
The downtown campus opens next fall with an estimated 8,000 students, faculty and staff. The apartment building is scheduled for completion in mid-2020.
W. Allen Morris, chairman and CEO of The Allen Morris Company, said the timing was perfect "for an innovative approach to market-rate housing with great amenities that meets the needs of the current and future students, faculty and other residents of Downtown Orlando."
The 409-unit building will have an integrated parking garage and ground-floor retail along Terry Avenue, Craig Ustler told GrowthSpotter.
Approximately 6,500 square feet of ground floor commercial space will be developed as a food and social hall, with an adjacent 8,800-square-foot front porch and patio facing the campus Central Park, and a rear patio or beer garden that opens up onto the building's courtyard of 11,650 square feet.
Baker Barrios designed the building with amenities, such as a rooftop pool, clubhouse, fitness center, dog wash and social deck overlooking the 2.5-acre city park across the street. In addition, the building will have social gathering areas, conference rooms and co-working spaces throughout.
"Some of this space will be on the ground floor in loft-like space above the leasing office," Ustler said. "And then there is approximately 1,000 square feet of collaboration space on each residential floor.
Ustler said he and Morris have not chosen a name yet, so the building is still referred to as the "Parcel M" apartments based on the Creative Village Master Plan designation for the 1.6-acre parcel. The City of Orlando approved the $5.475M sale last year to the Creative Village joint venture, and the closing took place on Tuesday.
Sandy Hostetter, Orlando market president for SunTrust, said the building would be an ideal community for students and UCF employees. The loan was arranged by SunTrust Robinson Humphrey, and financed by a syndicate led by SunTrust Bank and Santander Bank.
Editor's Note: An earlier version of this story misidentified the civil engineer.