Dubbed "Amelia Court at Creative Village," the five-story building would cover 2.98 acres at the northeast corner of Amelia Street and Parramore Avenue, double the land and more than double the unit count originally estimated for the project.
"We've always been interested in the opportunities for mixed-income downtown, we developed the Lexington Court apartments at the corner of Concord and Lexington and that has been a successful community," Scott Culp, principal with Atlantic Housing, told GrowthSpotter on Tuesday. "We've also been a long-term partner with Bank of America CDC, which came into the Creative Village partnership specifically to develop mixed-income housing to benefit that area."
Two neighboring but separate apartment buildings would have units on the second through fifth stories, while the ground level would serve resident parking, with about 9,000 square feet of commercial space fronting the roads.
Whether that space is leased for retail, office or another use has yet to be determined, Culp said, but he anticipates it being "complimentary to what UCF is doing on its campus."
Atlantic Housing's Master Plan will be the first development application heard by the new Creative Village Development Review Committee (CVDRC), scheduled for April 11.
"The city and we as the master developer wanted this to be the first project that came through the CVDRC, and wanted it to be the first one to open in Creative Village," said Craig Ustler, president of Ustler Development and a lead figure in master developer CVD. "I think it's promising that this is the first project of Creative Village that's now real, and it's already bigger than it was supposed to be."
Culp projects getting that plan through the city's approval process by August, with construction to start before year's end, and completion of the apartments by late 2018. Total investment should approach $60 million, he estimated.
The project's first 116 units will be financed with an allocation of federal tax credits from the Florida Housing Finance Corporation, which Atlantic Housing has already received. "We'll work on financing sources for the balance as we get closer," Culp said.
More new site plan applications will come before the CVDRC in the coming months in a staggered fashion, likely in order of a 600-bed, $105 million student housing project by Ustler with KUD International, LLC as joint venture partner, then the UCF/Valencia academics building, and a 300- to 400-unit market rate apartment project by Ustler and a JV partner valued at $75 million to $100 million.
The University of Central Florida announced in August that its Downtown Orlando campus that will anchor Creative Village will have its opening pushed back a year, to August 2019.