Developer Plans $102M Downtown Orlando Apartment Complex
Downtown Orlando’s housing stock is set to get even bigger in the coming years, thanks to a new apartment project being planned by Jefferson Apartment Group, whose office is located right next door to our Metro City Realty boutique office. The McLean, Va.-based developer bought the property just east of its existing Artisan 420 multifamily complex under construction and plans to build a new 510-unit apartment and retail development on Church and Mariposa streets in Thornton Park.
The site, previously known as the Thornton Commons project, was originally planned as residential condominiums before the crash, Jefferson Apartment Group’s Mike Mulhall told Orlando Business Journal. The project could create 1,000 temporary construction jobs, while also bringing new residential units into a fast-growing downtown.
The new project, being called “520,” is planned as two buildings; one mid-rise and one high-rise, with a combined 30,000 square feet of ground-level retail. The first building is a 10-story complex with 200 units, while the other is a 12-story complex with 310 units, Mulhall said.
The firm is working on site plan changes and expects to submit that proposal to the City of Orlando within the next month. Construction is expected to start in April 2016, just as Jefferson Apartment Group will be finishing up Artisan 420.
“We’ve been working on it a long time, and now we’re getting the final team in place,” Mulhall said. “With these projects, we see ourselves activating Church Street and connecting it to the whole area in downtown and Thornton Park. We’re trying to fill in the block.”
Meanwhile, Jefferson Apartment Group has construction well underway on the $42.7 million, 299-unit Artisan 420 apartment complex also on Church Street. The firm hasn’t yet signed any tenants to the available restaurant space, however Mulhall said interest has been “very good.”
Source: “Exclusive: Developer plans $102M downtown Orlando apartment complex,” Orlando Business Journal