July 16, 2014
CBD Real Estate Investment LLC of Celebration Florida plans to begin construction on a 550 unit residential rental apartment complex near the new Florida Polytechnic University.
The development will be known as “LONG LAKE” and is proposed to be built on a 65 acre property located along Highway 33, approximately 1.3 miles west of Interstate 4. The site was originally planned as part of the existing Bridgewater Development of Regional Impact. Long Lake adjoins the existing Landing Apartments. The new University, which opens its first class in August and eventually plans to have 20,000 full time students, is located just 2 miles east of the new development site.
Long Lake will have one, two and three bedroom units built in three story buildings with rents ranging for $575 to $1175. The community will have a large pool, clubhouse, tennis courts, a jogging/hiking trail, Dog Park, Kid’s Park, and a car cleaning center. The community will be gated, and, will have access to the lake with two proposed fishing piers. The $44 million project is expected to commence construction by the third quarter of 2015.
According to David Waronker, President of CBD Real Estate, his company contracted to purchase the land two months ago and has already had its pre-application meeting with the City Planning Department to discuss its planned use of the property. “We are drawn to the site due to its close proximity to major highways, shopping, medical facilities and hospitals, as well as schools. Of course the largest draw for us is the future expansion of the new University accompanied by their immediate demand for student and faculty housing” said Waronker. “We expect most of our tenants to be from the immediate Polk County market, those that are either transitioning down from a larger home or are starting out and not yet ready to take on the demands of full home ownership” he said.
With the close proximity to Interstate 4, the Lakeland Center and easy commutes to Orlando and Tampa, Long Lake is expected to be a very well received housing opportunity. Waronker further states “The economy is slowly recovering. So many people are concerned about home ownership and wish to take a cautious approach on their housing needs and expenses. They rightfully demand a lot more quality for their money although the great majority of home buyers and renters are shopping with the effects of a recession caused drop in income. Long Lake will provide an incredible housing opportunity and value for our eventual tenants.”
Along with Celebration Florida, CBD Real Estate Investment LLC has offices in Mount Laurel NJ and Scottsdale Arizona. CBD has developed multiple single family home communities in Polk, Pasco and Osceola Counties. CBD has developed 14 single and multi-family home communities in Polk and Osceola Counties.
CBD Real Estate Investment LLC