Ustler Development and a joint venture partner will pay the city of Orlando more than $5.475 million for a 1.6-acre parcel in Creative Village to develop market rate apartments with ground-floor retail, which will be the fourth or fifth building to rise in the downtown college campus after it opens in August 2019.
A Parcel M/Lot 3 land contract will go before City Council on Monday for master developer Creative Village Development, LLC, which Ustler is a lead figure in, to exercise its purchase option to acquire and develop parcels. It did this earlier in the summer with a JV partner on Parcel J, planned for a 15-story student housing tower.
The 1.6-acre Parcel M lies at the southwest corner of Amelia Street and Terry Avenue, directly north of the student housing tower and west of the planned central park area.
Ustler's JV partner on Parcel M is solidified but has not been publicly announced, said Craig Ustler, president of Ustler Development.
"They are an experienced, well-known and highly qualified company that has done a lot of really top notch urban projects in Orlando, other cities in Florida and other places," Ustler told GrowthSpotter on Wednesday.
In its current concept planning, Parcel M would have 390 apartments and 6,000 square feet of ground-floor commercial space, which could be a food hall with large patio overlooking the park, Ustler said.
This parcel and Parcel U to the east of the central park are both planned for market rate apartments in Phase 1 of Creative Village, defined as August 2019 through 2022. Parcel U will be sold to a third-party developer, has been marketed by JLL and had its call for offers conclude in late July. A buyer for that site hasn't been chosen yet.
Ustler's master development entity is purposefully pacing the first two market rate apartment projects, and will work with the chosen developer of Parcel U to establish a timeline, product type, market niche, amenity packages and more so the two projects are complimentary and staggered in their delivery.
"A function of master development is working with like-minded third-party developers to delivery complimentary projects that advance the overall mission and vision of Creative Village," Ustler said.
Baker Barrios is the project architect for Parcel M, and contributing contractors should be chosen in the fall. The JV partners have been working in pre-development for close to a year and are still refining the project's budget and design, Ustler said.