National multifamily developer Wood Partners will soon be adding 200 units on Spring Lake, at the entrance of Doctor Phillips, one of Orlando’s most desirable residential districts.
The apartment complex, dubbed The Rialto, will rise on a 5.95-acre site set at the northwest corner of Sand Lake Road and Turkey Lake Road in southwest Orlando. Plans include a five-story apartment building and 17,000 square feet of retail space, to be owned by The Wilder Companies—a Boston-based firm that specializes in retail real estate development, management and leasing.
The Rialto will consist of 200 units with one-, two and three-bedrooms, averaging 1,056 square feet. High-quality interiors will include ceramic flooring in kitchens, entries and baths; ceramic tub surrounds; nine-foot ceilings; stainless steel appliances; 42-inch cabinets with granite tops; and sleek, modern lighting. A total of 399 parking spaces will be available in an integrated parking garage, in addition to 59 spaces for retail and five spaces for the leasing office.
The site, with 350 feet of frontage on Sand Lake Road and 750 feet of frontage on Spring Lake, is in the middle of the premier dining and shopping offerings in Doctor Phillips, with major employment hubs such as Walt Disney World, Sea World, Universal Studies, and the Orange County Convention Center within a short distance.
“The site is well served by major transportation routes, major employers, area schools, retail stores and other support services,” said David Thompson, director for Wood Partners in Florida. “The proximity to excellent retail, prestigious Doctor Phillips address, outstanding lake views and superior school district distinguish the project from competitive offerings.”
Real Estate Capital Partners is Wood Partners’ equity partner in the project, with Synovus Bank as lender.
With a completion date set for July 2014, the project is expected to generate more than $20 million in local income, about $1.9 million in local taxes and government revenue, and more than 244 jobs over its 19-month construction period.