Orlando’s metro area is flourishing. In the next few weeks, two Central Florida commercial real estate developers Orlando-based Phoenicia Development LLC and LeCesse Development Corporation, are planning to develop a new luxury apartment complex located near SeaWorld.
Ancora Apartments is a $46 million, 289-unit expected to break ground.
The developers completed the deal to purchase vacant land on International Drive south of Central Florida Parkway. The luxury apartment complex will be located across the street from a $40 million, 282-unit Oasis called Grande Pines, developed by Altamonte Springs-based Picerne Development Corporation.
The development site is adjacent to Orchid Bay shopping center on I-Drive.
Why is this news so great for Central Florida? Over thousands of jobs will be brought in for the region, while at the same time the new housing units will compliment the booming tourist district.
According to a report by Fannie Mae, Orlando’s overall growth prospects are expected to create steady demand for apartment rentals over the next five years. Though the volatility associated with existing condo and prospective apartment development is present, the fundamental growth necessary for long term rental demand in Orlando is expected to continue.
Overall, Orlando is likely going to need a meaningful amount of new supply of apartment rental units, but there are some risks of it getting too many units too soon to allow the market to robustly raise rent levels and further diminish vacancy levels, the report indicated.
For developers, opportunities in the hot metro Orlando apartment market are abound which come with guaranteed return on investment. Urban living in cities across the United States is beginning to blossom again, presenting a new set of challenges and advantages for developers.Know which groups you should belong to as a commercial investor and latest information on Tenant Representation Services in Florida.
Humphrey & Partners Architects LP is the project architect, LeCesse Construction Services LLC, and Florida Engineering Group Inc. is the engineering firm that will be working on the new complex.
The initial units will be completed in spring 2017.
Federal Capital Partners has provided a $7.75 million mezzanine loan and Wells Fargo Bank NA was the senior construction lender. Other development partners include Kaali-Nagy Company and Drum Hill Partners LLC.
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