Lane’s First Development in Florida Starts Leasing
- Aug 12, 2008
By Anuradha Kher, Online News EditorOsceola County, Fla.–Lane Florida’s first development, Verano Apartment Homes in Osceola County, Fla. near Walt Disney World, has now begun now leasing. The 384-unit apartment community, expected to be fully ready in February next year, is now 60 percent complete. It is located at 2200 Villa Verano Way just off exit 244 of the Florida Turnpike.Lane received financing for this project last year, much before the economy started slowing down.“We opened the Florida office in 2006 because the state is a vibrant and active market and a region in its own,” Mike Mulhall, Florida regional development partner at Lane, tells MHN. While this is the first development for Lane, the company is just beginning construction on several other apartment projects. “We have absorbed most of the shadow rental units and apartment demand is strong.”Verano features one-, two- and three-bedroom apartments with full-sized washers and dryers, ceiling fans, nine-ft. ceilings, two-in. blinds, walk-in closets and either a screened porch or balcony. They are pre-wired for high-speed Internet access and alarm systems. Some have garden tubs and lake views.“We have decided to focus on the apartment market, and this was even before the condo bust,” says Mullhall. “I am a big fan of apartments because they are easier to build, maintain and manage. That is not the case with condos. Whenever it is a good time to build condos, everyone starts building them and then it’s not a good time anymore.”The gated, pet-friendly community has a resort-style pool with WiFi, clubhouse, fitness center with kid’s room, playground, picnic area, business center, car care center and lush tropical landscaping, which includes lakes with fountains. Rents range from $790 to $1,200.Lane expects the building to be fully leased in 18 months.