Developer closes on Apopka infill site in just 1 week Downtown tower gets makeover
Land deals are known to take time. Between the paperwork, mortgage approvals and due diligence, they can sometimes be prolonged for weeks, maybe months, but the sweet luxury of time for a particular site in Apopkawas just not on the table.
To the surprise of Jerome Henin, a principal at Winter Park-based Henin Group, the company was able to close on a 28-acre infill development site at 1401 and 1433 Votaw Rd. in just a little over oneweek.
Henin made an offer on a Friday, signed a contract on Tuesday and closed the deal the following Friday.
The sense of urgency was linked to the declining health of the seller, whowas in the end stages of terminal cancer, Henin explained.
JeromeHenin, a native of France, is the founder and owner of several companies involved in real estate development and sales in Europe, Florida and Virginia. His largest Central Florida development is Riviera Bella in DeBary.
The seller, Claude A. Etty Jr., who went by the name Sonny, died the day after the paperwork was signed.
Records show the property on Votaw Road, near theWekiva Reserve, had been in the Etty family for decades
Henin Group intends to rezone the property to allow for up to 95 lots for single-family development, worth an estimated $40 million at buildout. The subdivision will offer three- and fourbedroomhomes on50- by 120-foot lots.
Henin said he is considering more than half a dozen offers from other interested homebuilders.
“It’s in a very obvious area, where no doubt everything around is being built with success,” he said. “Recent subdivisions have been selling verywell.”
The 16- story Paramount on Lake Eola tower that anchors Publix in downtown Orlando has undergone a $10 million renovation following a condo termination that gave Northland Investment Corporation full control of its 313 residential units.
With new apartment construction on the rise in the area, Devin Evangelinos, Northland’s vice president of asset management and capital projects, said the company was bent on better positioning units to remain competitive with the inventory of available apartments and future apartments in the pipeline.
“We looked at some of the newer construction properties and looked at what they’re offering and began matching that in both size and quality,” Evangelinos said.
The goal, he said, was being able to present a building to the market that looked brandnew. To date, the $10million operation serves as one of the largest renovation projects within the area in recent history.
The property is south of Lake Eola at 415 E. Pine St. and features a fourthfloor rooftop swimming pool, grilling stations and cabanas, fitness center, outdoor fireplace lounge and dedicated resident parking.
As part of the renovation, Northland incorporated more common spaces for tenants to work communally while keeping a distance, and updates to amenities including its pool area and fitness center.
In addition, units were upgraded to include granite countertops, stainless steel appliances, luxury lighting fixtures, USB outlets and smart apartment technology.
Northland also invested in expanding its leasing office and adding new signs, exterior paint and landscaping.
Paramount on Lake Eola, was built in 2008 by an entity linked to apartment development and property management firmZOMLiving.
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