A Houston developer wants to convert vacant land east of downtown Orlando into a new apartment complex.
Morgan Group Development LLC plans to build 265 apartments on about 10 acres on the southeast corner of State Road 50 and Woodbury Road, according to Orange County records. The project is called “Waterford Lakes Multifamily.” The estimated project cost is $50.4 million, based on industry standards.
It’s unknown if a general contractor and architect have been selected. Raleigh, North Carolina-based Kimley-Horn & Associates Inc. is the engineer. Multiple entities own portions of the vacant 10-acre parcel.
Meanwhile, Central Florida Research Park continues to create jobs in the area, driving demand for new apartments, said apartment expert Luke Wickham, senior vice president in Orlando’s CBRE Inc. office. The east-2 submarket, which include Waterford Lakes, has a 2.6% apartment vacancy rate, which is lower than the Orlando-area average of 3.7%, according to Charlotte, North Carolina-based Real Data Inc. In addition, the submarket’s average apartment rent is the highest in Central Florida at $1,723 per month, compared with the Orlando-area average of $1,302.
More than $3.6 billion worth of metro Orlando apartment projects either are proposed or under construction. That said, there’s a huge demand for multifamily construction locally and statewide/ Florida cities, including Orlando, will need more than 669,391 new apartments combined by 2030 to meet needs in the Sunshine State. Florida is projected to add only 33,688 apartments in 2019, after adding 40,278 in 2018 and 31,809 in 2017. The report’s estimates project that 47,814 new apartment homes have to be built per year to address the state’s needs in the next 10 years. Source: OBJ
“There’s definitely a need for apartments there,” Wickham said.
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