Cortland Breaks Ground on 355-Unit Orlando Project
Citizen Bank financed the upscale development, with the first apartments slated for delivery next year.
Cortland and joint venture partners Promus Realty Manager, HL Investments and Declaration Partners have started construction on Cortland ChampionsGate. The 355-unit ground-up development is located within Orlando’s resort-style neighborhood of ChampionsGate.
Citizens Bank originated the construction loan for the project along Orlando’s entertainment corridor, while VCC will serve as general contractor. The first units are scheduled for delivery in the third quarter of 2022.
Located on South Goodman Road, the two-, three- and four-story buildings with white stucco facades, bronze windows and brown barrel tile roofs will offer units with high-end finishes.
The eastern part of the site will incorporate a lake, surrounded by a quarter-mile jogging trail. A series of courtyards will bind the western and eastern ends of the property, while the eastern and northern wetlands will add to the property’s forest-like ambiance.
Plans call for more than 11,000 square feet of amenities, including a fitness center, a coffee bar, two sky lounges, as well as a saltwater pool with cabanas, tanning shelves and a swim-up bar.
Last quarter, Cortland closed its fifth multifamily fund. Cortland Enhanced Value Fund V L.P. will mainly focus on the purchase of value-add Sun Belt properties.