According to a recently submitted Development Plan filed in Orange County, the partners are seeking to build a 380-unit apartment complex at 11907 Ruby Lake Rd., just south of Lake Ruby.
The property is part of a nearly 18-acre land assemblage that is currently owned by Diamond Resorts Cypress Pointe III Development LLC, which is an entity linked to Las Vegas-based Diamond Resorts.
The timeshare company inherited the property in 2007 as part of its $700 million acquisition of Sunterra Corp.
The most recently submitted DP replaces previous entitlements that called for 420 timeshare units and up to 30,000 square feet of commercial space.
Diamond Resorts has been trying to do away with its previous uses since late last year.
In January, GrowthSpotter reported on a Land Use Plan, filed by HDSi on behalf of Bering Homes affiliate Bering I LLC, that requested the property be incorporated into the Sunterra Resort PD and that county officials replace previously adopted timeshare uses with multifamily development uses.
The company also sought several waivers in respect to parking, building height and building separation to neighboring residential properties, among other waiver requests.
The most recently submitted DP lists Greystar as its developer. The multifamily development and property management firm is working with Bering Homes’ Chad R. O’Brien to develop a garden-style apartment community under its Elan multifamily brand.
Bering entered the Orlando market last year when it bought and resurrected a defunct vacation home resort development in the Four Corners area near ChampionsGate.
The Sunterra project, dubbed Elan Cypress Pointe, would consist of 10 apartment buildings, three designated park areas and a clubhouse with a pool. A good amount of its units face a pond, which also serves as its storm water management area.
According to Greystar’s website, Elan communities are strategically located near shopping and dining destinations, as well as places of work.
In the case for Elan Cypress Pointe, developers will likely aim to benefit off its proximity to job creators, like the ever-expanding theme parks by Walt Disney Company, Universal Parks & Resorts and SeaWorld Entertainment.
The future construction of an I-4 interchange and the 1.6-mile extension of Daryl Carter Parkway that will link Palm Parkway to S. Apopka-Vineland Road has also helped fuel development in the area.
Nearby, Pulte Homes completed several residential developments on more than 100 acres of land surrounding Ruby Lake, including Phillips Grove and Ruby Lake by Pulte Homes. The home builder is currently developing a new 20-unit townhome community called Overlook at Ruby Lake. HDSi lead the entitlement amendment for Ruby Lake for Unicorp.
O’Connor Capital Partners recently delivered the first phase of the Vineland Pointe shopping plaza, bringing in tenants such as Lucky’s Market, Marshall’s, Ross and Burlington. Plans for the remaining two phases have indicated the developer is seeking lease deals with Target and a movie theater chain.
The development is part of its efforts to expand its recently launched NOVEL multifamily brand in Orlando’s tourism corridor.
The Orange County Board of County Commissioners approved the zoning for Unicorp’s O Town West. This $1 Billion project includes 1,300 residential units, a marketplace, some service uses and an entertainment complex anchored by a 3 acre active water feature and cinema. HallDSi provided entitlement services for a comprehensive plan amendment and rezoning. Right of way vacations and two out parcels provided complications which were successfully negotiated to allow the rezoning.
Osceola approves rezoning for D.R.Horton subdivision
Jim Hall, along with former County Commissioner Bill Segal, former County Comptroller Martha Haynie and broker extraordinaire Trevor Hall, presented to a packed house at the Varsity Club in Camping World Stadium. The panel discussion focused on significant development events in Orlando’s history; Disney, Martin Marietta, the Convention Center along with stories of the people who made the development happen. Adult beverages and heavy appetizers enticed social mingling leading to the 45 minute presentation followed by questions. Thanks to Trevor and NAIOP for hosting the event.
Of the 10 metro areas that have the best conditions for buyers as home-shopping season approaches, three are in Florida – Miami, Tampa and Orlando – but the best market overall for buyers is New York, according to the Zillow Buyer-Seller Index.
It’s not that New York is all that affordable: Its median home value in January was $438,300, almost double the U.S. median of $225,300. But other aspects of the New York market are a boon to buyers who can afford it. For example, among the largest 35 metros, it has the longest number of days on the market, at 132 days. The next longest time on market is 102 days in Chicago. It’s followed by Miami, at 99 days.
Two other Florida metros – Tampa and Orlando – rank in the top five for the share of listings with a price cut, a pro-buyer characteristic. In Tampa, 23.2 percent of listings received a price cut in January. In Orlando, it was 20.4 percent.
The third metric in the buyer-seller index is the sale-to-list-price ratio. A ratio above 100 percent indicates that buyers are paying more than list price. The further the ratio falls below 100 percent, the better the market is for buyers – because they’re paying that much less than list, which would be 100 percent even. The lowest ratios among the largest metros are Pittsburgh, at 93.7 percent, Miami at 93.9 percent and Chicago at 94.2 percent.
We’ve also published a list of best markets for sellers.
- Four of the five hottest markets offer more job opportunities per person than 42 other major metros.
- With strong projected home value growth and the strongest job numbers, San Jose, Calif., again ranks as the hottest market in U.S.
- Markets that will continue to face challenges in 2019 are Cleveland and Hartford, Conn., as well as three large metros in the South: New Orleans, Memphis, Tenn., and Birmingham, Ala.
While the U.S. housing market is cooling in some ways, certain markets are red hot – fueled by rapid home value and rent appreciation, job opportunities, income growth and low unemployment.
Much like last year, San Jose, Calif., is poised to be the nation’s hottest market in 2019. Driven by an abundance of job opportunities per person, the nation’s lowest unemployment rate, still-climbing household income and enduring housing cost appreciation, the South Bay Area metro finds itself at the top of Zillow’s list of hottest markets for 2019.
Home values in San Jose rose more than 10 percent last year and are expected to grow by 12.7 percent this year – although that forecast could turn quickly as last month’s numbers disappointed expectations. Rents actually fell very slightly in the San Jose area over the past year, but going forward are expected to grow by 2.1 percent over the coming year. But as real estate values continue to grow, housing affordability in the area has become a challenge even for those earning a hefty tech salary. Population growth has slowed and for-sale inventory is on the rise (from historic lows), which may slow growth in the future.