Flournoy JV Kicks Off Orlando Project
The lakeside development is located near a larger master-planned community.
A joint venture between Flournoy Development Group, a subsidiary of Japan-based Kajima Corp., and Japan-based JR West broke ground on Ellison Nona, a Class A, 377-unit development in Orlando, Fla. The project is slated for completion in 2027.
Forum Architecture & Interior Design planned the project alongside civil engineer Kimley-Horn. FaverGray serves as the general contractor.
The community will feature one- to three-bedroom units totaling 618,552 square feet. Amenities will comprise coworking spaces, conference rooms and a clubhouse set to include a gym, yoga studio, golf simulator and swimming pool, among others.
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Carrying the address 11763 Narcoossee Road, the construction site is next to Tavistock Development Co.’s 11,000-acre, Lake Nona master-planned community which borders the Orlando International Airport. The downtown area is about 20 miles northwest, while the 327-acre Lake Whippoorwill is within walking distance.
Development interest in the submarket
Interest in Lake Nona submarket’s multifamily construction is noticeable. Royal Palm Cos. and Mattoni Group have another project underway in the area. Dubbed Royal Palm at Nona, the 320-unit development will take shape at 14630 New Creek Ave., roughly 7 miles away from Ellison Nona’s site.
FCP recently invested $16.7 million in preferred equity through its Structured Investments platform to finance the development. Kennedy Wilson also provided a $56.6 million construction loan, according to Traded.
Upon completion, Royal Palm at Nona will comprise four four-story buildings and eight carriage house structures set to encompass one- to three-bedroom units ranging from 782 to 1,398 square feet, Florida YIMBY reported.
Orlando’s pipeline expansion
Last year, some 17,700 units came online across metro Orlando, according to Yardi Matrix data. Should conditions hold, the market’s inventory is set to expand by about 14,000 units throughout 2025, accounting for 5.0 percent of total stock.
Greater Orlando’s pipeline consisted of nearly 26,700 units under construction as of February, Yardi Matrix data reveals. Developers broke ground on more than 11,500 units throughout 2024, surpassing 2023’s figure by 5.0 percent.
The same team of Royal Palm Cos. and Mattoni Group expanded the metro’s pipeline in May 2024 when they broke ground on Tuscany Village, a 420-unit in Sanford, Fla., which at the time was the largest multifamily development in the city. The community is set to come online in 2026.
