Apartments planned for office site
Chicago-based investment firm Barings Real Estate Advisers and a development partner will go to Orlando’s Municipal Planning Board seeking approval to build 323 luxury apartments in the Millenia area.
A master-plan filing shows new plans and renderings of the project called Millenia Lakes on one of the largest undeveloped parcels in the Millenia submarket.
Barings owns the 12.8acre parcel on the eastern deadend of Millenia Lakes Boulevard. Back in 2015, the company floated plans through city permitting for a pair of office buildings on the vacant site. Now the company views multifamily dwellings as a stronger market.
Barings and partner American Land Ventures (ALV) have enlisted Kimley-Horn as the civil engineer for the project and Jacksonville-based Group 4 Design to refine the design elements.
The community would consist of a mix of threeand four-story, elevatorserved apartment buildings. Unit sizes would range from studios to three-bedrooms, and 623 to 1,450 square feet.
The updated site plan also shows a two-story spa and fitness center with separate clubhouse and infinity-edge pool overlooking the adjacent lake. A boardwalk would extend over the lake. Other amenities include a beer garden, dog park, rain garden and yoga lawn.
A pair of office properties with Interstate 4 frontage near Barings’ intended apartments site have sold for a recorded $92,150,000.
The properties at 4700 Millenia Blvd. and 5323 Millenia Lakes Blvd. had been owned by an affiliate of Barings. They were purchased by an affiliate of Starwood Property Trust.
capital-markets team represented the seller, with Mike Davis, Michael Lerner and Rick Brugge handling the property. Barings considered holding onto the asset, said Jeff Sweeney, senior director at Cushman & Wakefield, who had been leasing the property.
“I don’t think they’ve soured on Florida, just the size of the asset overweighted them,” Sweeney said.
Starwood Property also recently purchased several Central Florida apartment complexes from AGPM as part of a larger portfolio sale. told
on Wednesday the builder is planning 70 single-family homes east of Lake Mary, set to open for sale early next year.
“It’s the first time we’ve been in Seminole County in almost eight years,” said Brock Fanning, senior vice president of Toll Brothers’ Central Florida division.
Square footage for homes set on 40-foot lots will range from 1,400 to 2,500 square feet for oneand two-story homes, with Fanning expecting prices to begin in the mid- to high $200s and interest from first-time or move-up buyers. A standard amenity package will include a community pool and cabana. Oviedo-based Brockman Site Development is performing early work, Fanning said, with other companies still being selected to work on the as yet unnamed project. Toll Brothers
DR Horton is making plans to build 208 singlefamily homes on a 71-acre parcel along State Road 429 about 2 miles north of the North Orange Blossom Trail interchange, according to filings with Orange County.
The land along Ponkan Road neighbors the north end of Zellwood Station Country Club’s golf course.
According to preliminary plans, minimum lot sizes are 5,500 square feet each comprising 41 acres.