Cornerstone Group affiliate Brookstone Partners is setting its sights on Lake Nona.
The South Florida-based private equity firm and real estate company is under contract to buy about 38 acres of land on the southeast corner of Dowden Road and S.R. 417 — just outside the bounds of Tavistock Development Company's Lake Nona master-planned community.
Bill Kassebaum, vice president of acquisitions and development, said they're in the midst of requesting Specific Parcel Master Plan approval from the City of Orlando to develop a 385-unit luxury multifamily community, akin to their Urbon Apartment Homes development behind Fashion Square Mall.
As described by Cornerstone's VP of marketing and training, Don Sanders, the Urbon brand aims to lure young professionals with a highly amenitized multifamily product that's rich with smart home technology.
"The logo has a power button, and that's what we want to do, turn on experiences that augment socialization so residents can be more connected," Sanders said.
The apartment community will feature USB ports throughout the development, a lakeside resort-style pool, dog park with dog washing stations, fitness studio with state-of-the art equipment, media room, sports lounge and at least five beverage stations.
In addition, Sanders said the company is looking to build an amphitheater that can house local talent, and utilize the lake by adding water activities, a boardwalk and walking trails.
The total construction cost is estimated at about $50 million, Kassebaum said.
The apartment project is Brookstone's fourth development since entering the market in 2017. Today, the firm has about 1,200 multifamily units in the pipeline for greater Orlando.
The land under contract is part of the grander 1,266-acre Wewahootee Planned Development property that straddles Dowden Road on the east side of S.R. 417.
Lennar is completing its roughly 330-acre Storey Park development, which features a mix of approximately 1,140 different home sites, including townhomes and cottages. Beazer Homes is also developing an 85-single-family home community dubbed Belle Vie.
Kassebaum said he hopes to piggyback off the burgeoning development happening in Lake Nona.
To seal the deal, the developer had to agree to help construct a two-lane road equipped with a side walk and bike paths as part of the development, he said.
Elliot Martinez of 4J Inspire Investments is representing Brookstone. Jay Berlinsky of SC Advisors is representing the seller, which according to records is a company led by medical doctor Sunil Kakkar.
"We're excited about the opportunity to build another community in Orlando and being a great neighbor to Lake Nona," Kassebaum said.
Brookstone expects to close on the land sometime in September, and begin construction by February 2020.