Construction of The Yard in downtown’s Orlando’s Ivanhoe Village kicks off with luxury apartments
Vertical construction kicked off on a big piece of a $150 million mixed-use project in the historic arts-centered neighborhood, Ivanhoe Village.
A permit valued at $87.3 million was issued last week for the planned nine-story, 591-unit apartment building; and a nine-level, 1,053-space structured parking complex as part of The Yard development in downtown Orlando‘s Ivanhoe Village, city of Orlando documents showed.
“A crane is on site and some of the concrete is going up,” said Chance Gordy, senior vice president of Orlando-based developer Real Estate Inverlad LLC. “Hopefully in the next few months, we’ll have tenants signing up for the retail space.”
The Yard is a 1.2 million-square-foot project being built on 8 acres at the northeast corner of Alden Road and Virginia Drive. Along with the apartments and parking garage, the project also will feature 27,000 square feet of retail — including a 5,000-square-foot space for rental and performance-art space The Venue, an existing tenant on property slated to join The Yard, as previously reported by Orlando Business Journal.
No tenants have been signed yet, but Gordy said he’s working with Colliers International Central Florida on retail leasing. Targeted concepts include independent restaurants, coffee shops, bars and some services — to keep with the theme of the existing Ivanhoe Village.
“What we wanted to do was create a really awesome, quality, unique experience,” Gordy told OBJ. “And we’re not going to have any national chains. It’s a promise we made to the neighborhood.”
The project is expected to create hundreds of temporary construction jobs while also bringing new shops and eateries to local residents and workers. The Yard joins a trendy area in one of Orlando’s most historic neighborhoods — also a designated Orlando Main Street — known for its antique stores, art galleries, design centers and craftsmen.
Ivanhoe Village also in the last year welcomed businesses from growing industries, including a medical marijuana dispensary and an independent craft brewery.
Source: “Luxury apartments rise in downtown Orlando’s Ivanhoe Village,” Orlando Business Journal