Real Estate Inverlad Development, the group behind The Yard at Ivanhoe mixed-use project, is contracting with Daryl M. Carter and Scott Crossman to acquire a 15-lot assemblage the two veteran land brokers have built over 12-plus years along Virginia Drive, with plans for a second "The Yard" development directly across the street from the first, Carter confirmed for GrowthSpotter Tuesday.
Carter and Crossman, friends since childhood who've grown to lead two of Orlando's biggest commercial real estate brokerages -- Maury L. Carter & Associates and Crossman & Co., have quietly spent more than a decade assembling 15 platted lots from four different property owners that lie between Virginia Drive, Brookhaven Drive and Alden Road, just a block east of downtown's Lake Ivanhoe.
"We felt more than a decade ago that this location near Ivanhoe would develop someday as a great mid-rise residential area," Carter said. "From the roofs of the buildings there now, you have great views of downtown, the lake and the medical district in all directions."
Carter and Crossman invested $3.8 million acquiring the parcels, which total 2.34 acres and 97,333 gross square feet across the total assemblage. The two were drawn in 2014 to how Inverlad Development's Chance Gordy organized early neighborhood meetings for his initial The Yard at Ivanhoe project.
"We sat in on one of those early public meetings for The Yard, and were really impressed with how much they respected the concerns of area residents," Carter said. "After seeing that, for us this relationship was clearly the right choice, as they've built the marketing momentum with their first The Yard project in this area."
Gordy, senior vice president of Inverlad Development, said Tuesday that construction on The Yard at Ivanhoe will begin "any day," and that a timeline for developing the Carter/Crossman site is undetermined, but would start after completion of the first Yard project.
His firm submitted initial development plans to City of Orlando on Oct. 19, with project overview sheets expected to be posted online by city planning staff on Wednesday.
The plans call for a mixed-use development of four to five stories, with 174 apartment units, 18,000 square feet of ground-floor retail space, and 45,000 square feet of office space on parts of the fourth and fifth floors.
The development would start at the southeast corner of Virginia Drive and Alden Road on a parcel that's already owned by Inverlad Development. It would run east between Virginia and Brookhaven drives across the assemblage from Carter and Crossman.
The assemblage includes buildings that are currently leased by Riot Creative Imaging and Loch Haven Veterinary Hospital, among other tenants. It does not include the Hideaway Bar, a favorite gathering place for Miami Dolphins fans.
Carter said Inverlad could build its second The Yard development around that bar's parcel, or acquire it and incorporate it into the plans. Carter's company owns a similarly sized lot a few blocks east on Virginia Drive that could be offered to the bar owner in exchange.
There is potential that Alden Road could be realigned slightly east, through what would be the northwest corner of this property, to connect with Philadelphia Road, Carter said, though there is no known time line for this project with the City of Orlando.
Known as "The Yard - Crossman Site" in filings with city government, the development's Master Plan and Conditional Use Permit will both go before Orlando's Technical Review Committee on Dec. 1, then on to Municipal Planning Board Dec. 15. Those MPB minutes could be approved by City Council in January 2016, at the earliest.