The three parcel sizes are 0.6 acres, 1.7 acres and 1.8 acres in the center of the development, and are planned for multifamily (250 or more apartment units), an office building (120,000 square feet or more) and additional office, commercial, multifamily or hotel space of at least several thousand square feet.
"JLL's Aaron Gray was the one who put together the tech conglomeration that is the Church Street Exchange, and the original business model to renovate that building on (Garland Avenue) into the tech hub it is today with Canvs and all the tech firms clustered there," Craig Ustler, president of Ustler Development, told GrowthSpotter. "That is one of the first things I thought of when we started working on Creative Village. I believed Orlando was a good place for this type of tech growth, but it was difficult for me as a developer to find examples of that to highlight.
"The main reason JLL got this assignment is through (Gray's) efforts this tech community has really blossomed before our eyes," added Ustler, whose company is joint-venturing with Bank of America Community Development Corporation (BACDC) on CVD. "Now when you talk of Creative Village and our mission, this tech hub is already there. That logic extends and matures itself as you go build a big project like Creative Village."
The Creative Village development will be home to the new University of Central Florida's Downtown Campus, with Phase 1 projected to have 7,700 students and open in August 2019. High-tech, digital media and creative companies will also be recruited for office space in the project.
"Ustler approached us earlier this year to let us know this marketing opportunity would be coming online, but we've had a broader relationship for more than three years now since working on Church Street Exchange," JLL's Gray told GrowthSpotter. "I found validation in proving there was a growing tech community here that was looking to aggregate. There's a lot we learned there we can now apply to (Creative Village)."
Ustler and BACDC's Master Development Agreement signed with the city calls for select parcels to be marketed to third-party buyers in multiple phases. The first phase includes those three sites totaling 4.1 acres to be made available for third-party purchase.
Marketing of the properties will run at least 120 days to allow ample response time for interested developers, Ustler said. This should last through mid-January or later.
"We'll see where we are after, will vet the interested parties and evaluate their proposals to see if any offers look compatible with what the other stakeholders of Creative Village are trying to accomplish," he added. "We're not evaluating solely on price, we're looking for the right fit for the project as a whole."
In conjunction with Phase 1 of UCF Downtown, private development will include a 600-bed, $90 million student housing project by Ustler with KUD International, LLC as joint venture partner, and a 250-unit market-rate apartment project by Ustler and a joint venture partner valued at $62.5 million.
More private development includes a 116-unit, $29 million mixed-income housing project by BACDC and Atlantic Housing Partners. Adjacent development includes the $40 million renovation of the former Sheraton Hotel into a Marriott by New York-based United Capital Corp., and a new $60 million PK-8 public school serving the Parramore community.
Creative Village will include roughly $23 million of infrastructure and related work to precede development of Phase 1. That initial phase of infrastructure development will be completed this fall, according to CVD. Vertical construction will begin in 2017.
The initial phase at Creative Village represents a total investment value of approximately $431 million, including roughly $356 million in new vertical development activity between what will be as many as four private development groups, per CVD.
Long-term development of Creative Village will be carried out in several phases over 10 to 15 years, with various parcels to be marketed to third parties as part of the overall master development plan. Total vertical development value is estimated to exceed $1 billion upon buildout.