American Landmark, Dezer Begin Orlando Development
- Sep 03, 2020
Construction has begun on Deseo Grande, a $78 million, luxury Class A apartment community in Orlando, Fla., being developed in a joint venture between American Landmark Apartments and Dezer Development. The 365-unit property is scheduled for completion in April 2022 and will be American Landmark’s first ground-up, new-building community.
The community is being built at 5250 International Drive and will be directly adjacent to Dezerland Park Orlando, an indoor attraction located on the former Artegon Marketplace mall property. Michael Dezer, principal at Dezer Development, the firm also behind Dezerland Park Orlando, said in a prepared statement Deseo Grande’s high-end rental residences will complement the attractions and retail at the indoor venue.
Deseo Grande will feature a five-story building and four-story parking garage on a 6.5-acre site. The plans call for one-, two- and three-bedroom apartments with sizes ranging from 754 square feet to 1,250 square feet. Unit features will include 9-foot ceilings, walk-in closets, stainless steel appliances and quartz countertops, in-unit washer-dryers and patios or balconies. Community amenities will feature a central courtyard with resort-style swimming pool, grilling area, fitness center, pet spa and bark park. Rents are expected to range from about $1,500 to $2,400 per month. Pre-leasing is slated to begin July 2021.
American Landmark owns and operates more than 33,000 garden-style apartments throughout Florida and the Southeast. CEO Joe Lubeck said in prepared remarks working with Dezer Development gave the company an unprecedented opportunity to be part of the repositioning of the former Artegon Marketplace into a dynamic mixed-use community. He said Deseo Grande will be the crown jewel in the company’s portfolio.
Asked whether American Landmark will look to do more ground-up construction, Lubeck told Multi-Housing News the company would likely limit new builds.
“We’ll consider only the finest fully-entitled opportunities. Here we were working with a well-known friend and prior partner, Dezer Development, and this was a one-of-a- kind, world-class location,” Lubeck told MHN.
The design team is general contractor BCC Construction Group, Baker Barrios Architects and VHB Engineering, all of Orlando.
Active in Florida
Both joint venture partners are active in Florida markets. In March, Dezer Development and The Related Group discussed opening their new branded property – Residences by Armani/Casa, a 308-unit luxury waterfront tower along Sunny Isles Beach in Miami with MHN. The developers had paid off a $315 million construction loan and the 56-story building was nearing its planned $1 billion sellout.
In August, American Landmark acquired The Vinings at Palm Bay, a 320-unit community southeast of Orlando in Palm Bay, Fla. The company rebranded the asset as The Braxton and planned about $3 million in capital improvements.