The Winter Park Village is all set to gain a new Avatar this year and work on it has already begun. As part of the Winter Park Village revamping project, construction has begun on a new apartment complex in the Village.
The project
Set to have 204 units in total, the apartment complex will offer Class A apartments to renters. Within walking distance from the premium Winter Park Village, which is unanimously regarded as Orlando’s second-highest real estate submarket by Orlando real estate agents and short sale specialists, the apartment complex is expected to be a huge hit among well-to-do renters.
Many real estate agents have already begun receiving queries about the complex, which is estimated to cost around $30 million in its initial construction phase. Orlando realtors will have a good time looking for an area that boasts an occupancy rate of over 94 percent.
Winter Park’s own architect ACi Inc. has designed the entire project except for the amenities which have been designed by Miami’s famed landscape architect, the Arquitectonica International Corp.
Put together by the best in the market
Several big players associated with the Orlando real estate market will be involved in the project. The Finfrock Construction Inc. has been roped in to finish the construction of the $2.8 million parking lot and reports suggest half of the work has already been completed.
The Castro Lifestyle Properties LP and Epoch Properties Inc. have ventured into the construction of the Winter Park Village apartment complex. Epoch Properties Inc. is a local favorite and has previously worked on several high-profile projects in Winter Park.
Major highlights
The $30 million projects is expected to create over 300 construction jobs while it lasts and industry insiders specializing in rentals have projected a median monthly rental of $1,174, per apartment.
Apart from the construction of 204 rental units, the Winter Park Village construction project entails the construction of a 325-space parking garage, for an estimated $2.8 million.
Developers Castro and Epoch have also signed an agreement with the city of Orlando to revamp existing parks and include a bridge at the water retention area. ACi Inc. has added further zing to the project by designing an area near Dennings Road that resembles an English-style garden. The pool area, as well as amenities designed by Arquitectonica International Corp., have a Caribbean/Latin vibe to them, increasing the property’s appeal.
Set to be completed by the fourth quarter of 2014, the Winter Park Village apartment complex is expected to reach estimated occupancy rates rather quickly.
