Downtown Orlando -

Work is scheduled to start during the third week of June on a nine-story apartment building complex in uptown Orlando. The area close to Lake Eola has been subjected to minimal development after the crash in Orlando real estate about seven years ago.

Development by Jefferson Apartment Group

Two acres of land were purchased at South Osceola Avenue and East Church Street by Jefferson Apartment Group during the first week of June this year. The seller was an investor based in Ohio. According to the Jefferson Apartment Group spokesperson, work on the complex is expected to begin immediately with the placeholder name 420 Church. The complex is expected to have 299 units.

The southern flank of Lake Eola saw a number of apartment and condominium buildings come up before the real estate market took a turn for the worse in 2007. Since then, the area has seen three complexes being constructed.

The 420 Church construction plan includes about 9,000 square feet, destined for retail at the ground level. About one-third of the total area is to be transformed into an art gallery on a lease basis. It will also include10 studios at the ground level which can be used by the artists.

According to Mike Mulhalli, Regional Partner, Jefferson Apartment Group, the company strives to create an arts district near Eola. The property, in addition to the proposed art gallery, will consist of three secured parking levels with the fifth-floor housing a pool deck.

Built for renters

According to Mulhali, notwithstanding the fact that the urban core of Orlando is predominantly rentals, the uptown area of the city continues to attract renters who have the ability to pay in the region of $1,200 per month for kinds of apartments that have more than adequate amenities. The concept envisioned by Jefferson Apartment Group changed after it started planning for the project about five years ago.

Mulhali said that the Orlando Realtor is also developing a different site located to the south of the city. He confirmed that the company has a contract nearer to South Street. He was reluctant to give out more details. According to Susan Morris of Colliers International, a real estate firm, Jefferson is one of many apartment complexes in the final planning phases for uptown Orlando.

Another uptown project in the process of taking shape is The Sevens. It is scheduled to be set up on a property located at North Orange Avenue.

The month of May in the Orlando real estate industry is all set to be marked by a plethora of new housing programs. Orlando Realtors can count on builders adding more than 1,000 new residential real-estate constructions in the downtown area alone.

On Monday, May 12, “The City Beautiful” reviewed plans for two new residential units. Further, work on a third apartment complex is all set to begin in a week or two. Top Orlando Realtors say several interested investors and first-time buyers have started showing a lot of interest in the projects.

Orlando City Council reviews plans for two complexes

The city council met to review the phase-one plans of the proposed “Citi Towers” and “Elan at Audubon Park”. Citi Towers, proposed to be erected on the north-eastern corner of Lake Avenue and East Church Street, will be built by the Summa Development Group if everything goes as planned.

The group had filed an appeal before the city council to replace what is currently known as the Lutheran Towers planned district with the Citi Towers apartment complex. The complex is expected to have 22-story and house 223 individual housing units. The site spreads over 0.7 acres and the complex would include commercial space spanning over 22,300 square feet as well. Developers also requested the council to extend the maximum allowance and let Summa Group raise 710 units in total.

Plans for the Elan at Audubon Park were also reviewed by the council on Monday. Orlando Heights LLC, which owns property on the site, appealed to the council to rezone or reassign a planned development community that currently exists near the Orlando Fashion Square mall. If approved, developer Greystar would be roped in to raise an apartment complex featuring 450 individual units, at the site. The site stretches over close to 20 acres and would be filled with four-story apartments including garage space.

Work on a new residential complex in Thornton Park, Downtown Orlando to begin in May

While the future of the two proposed apartment complexes remains in the hands of the city council, work on a third apartment complex is set to begin this month. The complex would be raised in Church Street of the Thornton Park area and house 299 units. The complex will also house close to 9,000 free spaces for commercial leasing and have 10 individual live-work units.

According to some Orlando listing agents familiar with the plans, a part of the commercial space is to be leased out by one large and two mini art galleries. New artists will be able to display their work and keep the community abuzz with several activities.

Tag: Downtown Orlando