Joint Venture Begins Construction on $38M Transit-Oriented Community
Orlando, Fla.—Wood Partners and the Ustler Group have begun construction on a $38 million multifamily community. The five-story, 248-unit property called The Ivy—Residences at Health Village will be located in the Florida Hospital Health Village in Orlando.
David Thompson, director for Wood Partners in Florida, believes the Orlando area is optimal for job growth and employment. “Based on forecasts by the Institute for Economic Competitiveness at the University of Central Florida (UCF), employment growth for the Orlando metro area is anticipated to be the second highest in the state through 2014,” he tells MHN. “UCF projects the creation of more than 59,000 new jobs in 2014. Despite high rents and occupancies for competitive projects, there is a historically low number of new apartment units under construction within the metro area, and an absence of new construction in the immediate market area. Specifically in Downtown Orlando, urban infill apartments are significantly under-supplied.”
The companies acquired the 3.4 acres of land where they plan to build the community from Florida Hospital. The site is part of the hospital’s 172-acre “Health Village,” which is a mixed-use, transit-oriented property. With a focus on health, some of the facilities include medical offices, research facilities, commercial property, hotels and multifamily communities. The Village is anchored by Florida hospital.
When completed, The Ivy will include two mid-rise buildings with an integrated parking garage. The units will include one-, two- and three-bedroom floor plans averaging 941 square feet. The units will include granite countertops, stainless steel appliances and modern lighting fixtures.
Amenities for the community will include bike racks, a cyber café and coffee bar, lounge area, yoga/spin room, exercise room, pool, game room, two community rooms, a dog walk and a car charging station.
Additionally, residents will benefit from the community’s close proximity to transportation.
“This site is a true walk-to-work location,” Thompson says. “The Ivy is the first true transit-oriented development project to start vertical construction in Orlando since the formal announcement of SunRail. There is a SunRail station at Health Village and this commuter rail system will be operational in 2014. The Ivy will be one SunRail stop away from the premier dining and shopping offerings of Winter Park’s Park Avenue, and two stops from the main downtown Orlando stop at Church Street Station in the Central Business District, which is near the newly completed Amway Center and the under construction Dr. Phillips Center for the Performing Arts. The Ivy is also well located adjacent to several highly desirable Orlando neighborhoods, including College Park, Mills 50 District and Winter Park.”
Thompson hopes to parlay this successful partnership with the Ustler Group into future joint ventures.
“The Ustlers have deep relationships in the City of Orlando and a wonderful reputation there for doing top-quality projects,” Thompson says. “It’s been a great partnership.”
The Ivy is expected to have the first units available to rent in late 2013 or early 2014. Full project completion is expected for mid 2014.Tags: Mergers and Joint Ventures, New Development, TOD