Tampa Bay Land Market Overview

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$101M worth of apartment projects planned in C. Fla.

A Northeast Ohio developer finalized a deal this week to bring new Class A apartment complexes in Central Florida.

NM Residential plans to invest a total of $101 million into two projects: The 272-unit Marden Ridge complex in Apopka and the 315-unit Maitland West community in Maitland. NM Residential has retained Winter Park-based MMI Development Inc. as the developer for both projects.

Construction is expected to start this year on the 272-unit Marden Ridge apartments in… more

Forum Architecture & Interior Design Inc.

Projects that size would create at least 1,000 temporary construction jobs while also bringing new rental homes to support Central Florida’s growing population.

Construction is expected to start sometime this quarter. The project team for both developments includes GAI Consultants as the project engineer, Forum Architecture & Interior Design Inc. as the project engineer, Central Florida Strategies Inc. as the government consultant, and Walker & Co. as the general contractor.

NM Residential’s related MRAD Phase I LLC and MRAD Phase II LLC on Jan. 25 bought two parcels on Marden Road near the State Road 414/Maitland Boulevard extension in Apopka for a combined $9.7 million. The seller was Emerson Point Assoc. LLLP, an entity related to MMI Development.

“This is the second part of the transaction,” said Angel de la Portilla of Central Florida Strategies, MMI Development’s consultant. “The parties had reached an agreement last summer [on both projects]. They had structured the deal for the first two parcels to be acquired in September and the others were just acquired this week.”

The $47 million Marden Ridge project has been in the planning stages since late 2014, as previously reported by Orlando Business Journal. The apartments got preliminary site plan approval from the city of Apopka last summer.

The project also will include a new $6 million interchange on State Road 414 being built by the developer. Apopka and MMI Development finalized an agreement last September in which the city would contribute $2.5 million toward construction of the interchange, along with providing the developer with impact fee credits and tax abatement on a portion of the future growth in property taxes. The Central Florida Expressway Authority approved the interchange in October.

Meanwhile, the $54 million Maitland West apartment complex on West Maitland Boulevard and near Forest City Road has been in the works since it was approved by the city last summer.

NM Residential’s related MWAD Phase I LLC and MWAD Phase II LLC on Sept. 25 spent a combined $13 million to buy the nearly 23-acre site in Maitland from MMI Development’s related Maitland West LLLP.

The Maitland West apartments are the first phase of a larger mixed-use development that also will include office and retail space, as OBJ previously reported. MMI Development retained ownership of those parcels for future development.

Representatives from NM Residential couldn’t be reached for comment prior to publication.

Apartment Industry Response to the State of the Union

January 12, 2016

WASHINGTON, D.C. — Statement from the National Multifamily Housing Council (NMHC) and National Apartment Association (NAA) released prior to President Obama’s State of the Union address:

“We commend President Obama’s work in growing the economy by addressing many of the vital issues that directly impact our $1.3 trillion industry and the 38 million Americans who call an apartment home. A strong housing sector requires balanced rental and homeownership housing policy. Currently, rental demand nationwide far exceeds supply and key research has found that this demand is fueled by powerful demographic and household formation trends.

“There are a number of reforms that can be undertaken at the federal level to reduce red tape and make it easier for our members to increase supply and operate rental housing. This includes addressing tax and housing finance reform in a way that recognizes the unique characteristics of the apartment industry and its important contributions to the larger economy.

“Working to support housing affordability through increased federal and state collaborations can also go a long way in growing the apartment supply and strengthening local communities. In addition, getting immigration reform right is fundamental to the development and rehabilitation of apartment homes because of its role in helping ensure a strong labor supply.

“Ultimately, our industry must build at least 300,000 to 400,000 new apartment homes each year just to keep up with demand. Accomplishing this will require removing barriers to development and redevelopment at the federal, state and local levels.

“We look forward to continuing to work with the Obama Administration, HUD and Congress on these and other critical issues.”

Learn more about apartments at www.weareapartments.org

New $30M apartment complex to create construction, health care opportunities

Jan 14, 2016, 12:04pm EST

KRISS RUSSELL

Sonata West will be the first senior-living community in west Orange County.

West Orange County is getting a new senior-living community, and it’s slated to bring opportunities for Central Florida construction and health care workers.

Sonata Senior Living, an Orlando-based owner and operator of senior-living communities, is building a $30 million apartment complex with independent-living and assisted-living units at the intersection of Daniels Road and Roper Road in Winter Garden. Site work began on Jan. 11, and a groundbreaking ceremony will happen in a few weeks, Shelley Esden, senior vice president of operations, told Orlando Business Journal.

When open in early 2017, the new community will create partnership and contract opportunities for Central Florida health care professionals. Esden said Sonata will be looking to contract with multiple third-party providers, including physicians and therapists, to provide services at the 138-resident community. Those interested in these opportunities can contact Esden at sesden@sonatahc.com for more information.

The community will encompass more than 139,000 square feet, and will include a two-story building with 78 independent-living apartments and 35 assisted-living apartments. “Club level” apartments, featuring enhanced services, interior upgrades and controlled access, also will be available. Amenities will include an on-site restaurant, pool, bistro bar, library, auditorium, theater, general store, art studio, fitness center, bocce ball court, picnic pavilion and dog park.

Orlando-based Lamm & Co. is the general contractor, and companies interested in remaining construction opportunities can contact Stephen Caruso at scaruso@sonatahc.com. Lamm & Co. was not immediately available for comment on subcontractor opportunities.

This will be the first independent-living community in West Orange County, Esden said. It will be called Sonata West.

112 new apartments in the pipeline for Kissimmee

Jan 15, 2016, 1:27pm EST

PROVIDED BY COLLIERS INTERNATIONAL CENTRAL FLORIDA

Royal American Development’s new 55-plus community will be near Celebration and Old Town.

A recent $1.6 million land purchase is the start of the making of a new active senior-living community in Kissimmee.

Royal American Development Inc. bought 4.5 acres on Irlo Bronson Memorial Highway/U.S. Highway 192 near State Road 417 for the development of a 112-unit, 55-plus apartment community. The land was bought from Nasim Hotels LLC, which also is selling the adjacent 6 acres for a hotel, multifamily or timeshare use, according to Kasey Coryn, spokeswoman for Colliers International Central Florida, which represented the seller.

The land qualifies for the Florida Housing Finance Corp.’s Low Income Housing Tax Credit program, meaning the apartments will be considered affordable housing for Central Florida seniors. They also will be located 2 miles from Walt Disney World, a strategic placement as many seniors look to the theme parks for part-time employment, said Nick Jones, associate, land and hospitality specialists at Colliers.

This development is sure to create construction opportunities and new jobs in the area, but Royal American Development representatives could not immediately be reached for comment on the opportunities.