Developer plans next phases of The Yard at Ivanhoe

With the last of its 591 apartments set for delivery in August, the developer behind The Yard at Ivanhoe is prepping for its next two phases.

Real Estate Inverland Development President Chance Gordy told GrowthSpotter he scrapped the approved plans for a 3-story mixed-use building with 24 apartments at 1401 Alden Road, next to the existing development.

Instead, he worked out a deal to keep local watering hole, The Hideaway Bar, in the Ivanhoe Village neighborhood of Orlando.

Inverlad will build a new 3,600-square-foot building with a wraparound patio on the site that used to be home to The Venue and will dedicate the rest of the lot, about a third of an acre, to the city of Orlando.

“We made a change where we’re going to be creating a city park,” Gordy said. “We thought in that corner of the neighborhood, where it’s next to residential, it would make sense to go with the lower density and have a public park.”

As part of the master plan revision, REID is seeking to revise the plans for the sister project planned on the south side of Virginia Drive and to combine all three phases into a single Planned Development. The requests are scheduled to go to Municipal Planning Board on July 20.

The vision for a seven-story mixeduse building in phase 3 has changed. REID wants to eliminate two floors of planned office space and convert that square footage for residential use. Those changes would increase the total unit count for the new building from 174 to 265.

The development plans call for 171 one-bedroom units, 44 studios and 50 two-bedroom units. The design has amenity space on the first floor and the seventh floor, including a fitness center and rooftop pool.

The ground floor still would include about 19,100 square feet of retail space, all fronting on Virginia. The parking garage would have 500 parking spaces.

Gordy said Inverlad is still at least a year away from starting construction on the final phase, which gives the operator time to lease up and stabilize Ivanhoe. The developer has completed 437 apartments on the north side and will deliver the final 154 units over July and August.

The Yard at Ivanhoe will open about 20,000 square feet of dining and retail this summer, highlighted by a 13,000-square-foot food hall.