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.
More than 150 single-family homes are planned for the city of Apopka as part of a new community called Bridal Path.
The BurnBrae Companies, a real estate investment, development, and management company headquartered in Washington, D.C., put the development plan together.
Principal Rich Thometz said the project would be the first single-family home community within the Kelly Park Interchange Form-Based Code area — a district created by city officials to help drive future development and economic activity to the city.
The once sparsely developed region is roughly halfway between the downtowns of Apopka and Mount Dora.
The Apopka City Commission voted unanimously on Mar. 6 to approve the final development plan and plat for Bridal Path. The project is located at 5526 Plymouth Sorrento Rd., just east of SR 429.
Through its affiliate BB Bridle Path LLC, BurnBrae paid about $2.6 million for the 51.1-acre property in September.
The firm worked in conjuction with Jeb Bittner of Gravity Land Development of Vero Beach, and tapped Vanasse Hangen Brustlin (VHB) as its civil engineer, surveyor and landscape architect. HallDSi was lead planner.
A site plan for Bridal Path shows a mix of 50- and 55-foot lots. Amenities include a pool and cabana.
The company does not have a builder under contract, but Thometz said he expects shovels in the ground by early Summer.
BurnBrae specializes in opportunistic land, residential and commercial investment deals in the Mid-Atlantic region. The company has completed or is in the developing phases of more than 1,000 residential lots. According to its website it has $150 million in equity under management.
“Trevor Hall of Colliers International pointed us to the site and showed us there was an opportunity,” Thometz said, underlining the opening of the Kelly Park Road interchange.
It’s one of four interchanges opening in part of the $1.6 billion, 25-mile Wekiva Parkway project that will complete the beltway around northwest metropolitan Orlando.
The expressway was designed to provide an alternative to Interstate 4, and relieve US 441, SR 46 and other area roads of traffic congestion, but professionals in the industry say it’s also opening up a wealth of real estate opportunities.
Nearby to Bridal Path, a Longwood-based developer is close to breaking ground on a new retail project called Gateway Plaza.
The project features more than 32,000 square feet of retail space on 3.36 acres of land situated on the northwest corner of E. Lester and Rock Springs roads.
Directly behind where Gateway Plaza will rise, a 112-lot residential community being developed by K Hovnanian is underway.
Orlando-based developer Khaled Hussein is teaming up with Park Square Homes to introduce a new single-family home community directly across the Chapel Hill Cemetery in east Orange County.
According to a recent Technical Review Group application filed in Orange County, Hussein is seeking to rezone four parcels of mostly undeveloped land directly east of Harrell Road from A2 to PD.
A majority of the roughly 17 acres is owned by a trust that lists Jacqueline M. Lloyd and Sheryl Meeks as trustees. Felix and Delfina Bon Pastrana own the remaining 4.6 acres just north of the Little Econlockhatchee River and the Little Econ Greenway.
Under the current zoning, the partners would be capped at one dwelling unit per every 10 acres. Park Square CEO Suresh Gupta said they’re looking to build 67 single-family market-rate homes.
AVCON Inc. is the civil engineer behind the project called Harrell Oaks. Hussein, of Cedar Engineering Consultants, was not immediately available to comment.
The property straddles Trevarthon Road and is near the S.R. 417 and East Colonial Drive interchange.
Surrounded by a small white fence, the Chapel Hill Cemetery to the propery’s left features a well-kept green field with neat rows of gravestone markers.
Though an unusual site to neighbor, the cemetery wasn’t a deal breaker for partners, who are known for taking on challenging projects.
In 2016, they partnered to close on a deal of land at 1021 S. Dean Road, ready for single family development — the catch being there was a sinkhole at the center of the property filled with 25 feet of muck.
The Harrell Oaks property also lies in east Orlando near the University of Central Florida, where a number of investors are actively re-positioning multifamily and student housing complexes.
One of the latest examples is Horizon Realty Advisors’ $65 million purchase of The Glenn apartments on University Boulevard. Last year, the company made its foray into Orlando when it bought the nearby 384-bed student housing complex dubbed The Quad.