JV Brings Workforce Housing to Orlando
- Jul 28, 2020
A joint venture of Batson-Cook Development Co., Red Clay Development Partners and Atlantic Residential has begun construction of a 300-unit garden apartment community in Orlando, Fla., that will provide workforce housing for renters drawn to the Orlando and Kissimmee, Fla., area. Indigo at Champions Gate, located in Orlando’s Champions Gate submarket, is slated for completion by late 2021.
Litt Glover, president & CEO of BCDC, said in prepared remarks the project will be located in the heart of Orlando’s tourist and commercial district. He noted there is tremendous demand for high-quality residential projects for workers in the area. The 17.8-acre property, which will feature 10 three-story residential buildings, is located 25 miles southwest of the Orlando business district at the corner of Ronald Reagan Parkway and U.S. Highway 27. It is about 12 miles from Walt Disney World and nearly 20 miles from Universal Studios Florida. The Champions Gate submarket is anchored by a 36-hole golf course designed by international golf champion Greg Norman.
Units at Indigo at Champions Gate will offer seven floorplans and range in size from one- to three-bedroom apartments with an average size of 1,035 square feet. Community amenities will include a clubhouse and lounge, business center with conference room, fitness center, resort-style pool, outdoor yoga and sport court area, outdoor lounge with grilling area, children’s playground, dog park and pet care center. The property has extensive nature trails.
Synovus Bank and Marble Capital are providing financing. Patterson Real Estate Advisory Group served as capital advisor. The project team includes general contractor FaverGray, architect Forum Architecture, civil engineer Kimley Horn and interior designer Design Environments.
Previous BCDC Developments
BCDC, a wholly owned subsidiary of Kajima USA that provides development and capital solutions, primarily by partnering on commercial real estate projects in the Southeast, previously developed one of the tallest residential properties in downtown Orlando. The 23-story, 320-unit Skyhouse Orlando, a joint venture between BCDC, Novare Group and Palmetto Realty Advisors, was completed in 2014.
More recently, BCDC and Novare Group teamed up on the development of SkyHouse Frisco Station, a 332-unit high-rise community in Frisco, Texas. The partnership, which included Stockbridge Capital Group, broke ground on the 25-story tower in February 2018 and officially opened the asset in December. In addition to Florida and Texas, Novare and BCDC have also built multifamily developments in North Carolina, Alabama, Georgia, Tennessee and Colorado. One of those projects is Foundry Yards, a 268-luxury apartment community in Birmingham, Ala., which broke ground in May 2019.