The 2.6-acre site at North Orange Avenue and Marks Street will no longer stay vacant, as developer GDC Properties has recently broken ground on a $35.9 million, eco-friendly multifamily development.
The six-story, 246-unit luxury rental development has been named NORA; the project also features 10,000 square feet of neighborhood retail including a restaurant, gym and coffee shop.
NORA is anticipated to be a LEED certified project. Eco-friendly property features include a rooftop photovoltaic system that will contribute towards its LEED certification requirements. The unit mix is comprised of one- and two-bedroom apartments that range in size from 691 to over 1,400 square feet. Amenities include a courtyard with a large pool and barbecue grilling areas. There will also be an adjacent 400-space parking garage with access to each of the building’s six floors, as well as bicycle storage.
“Demand for rental apartments in Downtown Orlando is surging as young professionals look to reduce their commutes and live in a walkable, 24-hour urban environment,” says Adam Ginsburg, co-chairman of GDC Properties. “We look forward to providing hip and environmentally conscious homes to prospective renters.”
The project, set for completion in spring 2014, is designed by Baker Barrios Architects, while PCL Construction Services Inc. is the project’s general contractor. NORA is expected to begin leasing in late 2013.
New York-based developer GDC Properties bought the long-time vacant site at North Orange Avenue and Marks Street in 2005 for $2.7 million. On July 11, 2011, the NORA project master plan received approval from the Orlando City Council. This is not the sole GDC Properties-developed project underway within city limits, as the company is also working on the ALOFT Orlando Downtown—an adaptive reuse and redevelopment of the former OUC Administration Building to a proposed Starwood Aloft hotel.