Construction may start early next year on the redevelopment of a shuttered golf course near Orlando’s upscale Mall at Millenia.
Miami-based MIR Developments LLC seeks approval for an eight-building, 960-unit apartment complex along with 30,000 square feet of commercial space on the former Eaglewood Golf Club at Oak Ridge Road and John Young, according to Orange County records. The project may cost in excess of $182.4 million, according to industry standards.
“We feel there’s growth to be had in this area,” said Mark Rousso, CEO of MIR Developments, who revealed his plans for the property in August 2018.
The project would be built in two phases and may be called Millenia Park. A general contractor hasn’t been selected. Orlando-based Scott + Cormia is the architect, and Raleigh, North Carolina-based Kimley-Horn and Associates Inc. is the engineer.
Millenia Park Partners LLC paid $3.9 million for the roughly 43.6-acre property in January 2018, according to Orange County records. Eaglewood Course Development LLC was the seller. The public, 18-hole Eaglewood opened in 1968 and closed in 2008.
More than $3.6 billion worth of metro Orlando apartment projects either are proposed or under construction.
The south-1 apartment market, which includes Millenia Park, has an average apartment complex vacancy rate of 1.8%, compared with 3.7% for greater Orlando, according to Real Data. The submarket’s average monthly rent is $1,154, compared with the Orlando-area average of $1,302.Source: OBJ
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