PCCP LLC and Fore Property Co. have formed a joint venture to develop a 410-unit garden-style community near Orlando, Fla. The joint venture is planning to develop a 16.7-acre site in Ocoee, Fla., into The Alibi at Lake Lilly.
No construction start date was announced, but the Class A community is expected to have studio, one-, two- and three-bedroom units spread throughout five, four-story buildings with elevator access. The Alibi at Lake Lilly will also include seven carriage-style/townhome unit buildings. The joint venture is planning to build the units with semi-frameless showers, in-unit washers and dryers, and a smart home package.
The LEED Silver-certified design of The Alibi at Lake Lilly will also include a 13,500-square-foot clubhouse, pool, outdoor lounge, fitness center, dog park, walking trails and 722 parking spaces. The community is within walking distance to Orlando Health’s Health Central Hospital, a major area employer, and has access to both the north/south and east/west job centers across the region since it’s adjacent to the interchange between Florida Turnpike and SR-490.
Ryan Dodge, managing director at PCCP, said in prepared remarks that the project was an opportunity to build within an affluent, supply-constrained corridor of the Orlando metro area.
PARTNERING UP ONCE AGAIN
Dodge also said in prepared remarks that The Alibi at Lake Lilly project would be the fifth joint venture between PCCP and Fore Property Co. The two companies recently worked together on a 352-unit community in Winter Garden, Fla., before selling it to Ortsac Capital Group in December. Years prior, PCCP and Fore Property Co. also previously partnered to develop a 351-unit community in Hyattsville, Md., that was located near the Washington, D.C. border.
On its own, Fore Property Co. has developed more than 27,000 units across the U.S. including in Florida, Nevada, Arizona, California, Oregon and other states. More locally, the developer constructed more than 2,700 Class A multifamily units.