Published: Wednesday, July 16, 2014 at 11:17 p.m.
LAKELAND | A new 550-unit apartment complex is being planned near Florida Polytechnic University.
CBD Real Estate Investment of Celebration intends to build the complex, named Long Lake, on a 65-acre property along State Road 33, near the existing Landings at Long Lake apartments.
Construction on the $44 million project is scheduled to begin by the third quarter of 2015.
“We are drawn to the site due to its close proximity to major highways, shopping, medical facilities and hospitals, as well as schools,” said David Waronker, president of CBD Real Estate. “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.”
Florida Poly, located about two miles from the development site, will open its doors to students on Aug. 25.
The gated complex will have three-story buildings with apartments renting for $575 to $1,175 per month. Amenities will include a pool, tennis courts, dog park and jogging trail.
“There’s incredible opportunity in Polk County, and Florida Polytechnic University is fueling development for infrastructure and amenities,” said David Petr, chief executive of the Central Florida Development Council. “We are excited to see this development in our region.”
Waronker said the construction process at Long Lake should take about a year to finish.