A New York-based development group wants to build three apartment towers in Orlando’s bustling downtown.
The Property Markets Group Inc.’s related entity Midtown Opportunities XIIIB LLC will seek approval from the city of Orlando on May 15 for its master plan to build a roughly 900-unit, mixed-use development. A project this size could cost at least $58 million-$78 million, according to industry standards.
The proposed development, dubbed Golden Sparrow, would be at 434 N. Orange Ave., south of Amelia Street and north of West Livingston Street on 3.57 acres of vacant land.
The property faces the Orange County Courthouse and is between the Lynx Central station, Bank of America Financial Center and Orange County Courthouse to the east.
Midtown Properties bought the 3.57-acre property for $10 million in December 2015, according to the Orange County Property Appraiser.
The project will be built in three phases, according to the application submitted to the city:
Phase 1: A 16-story tower with 290 apartments, 41,000 square feet of ground-floor retail space and about 498 parking spaces.Phase 2: A 24-story tower with 285 apartments and roughly 504 parking spaces.Phase 3: A 24-story tower with 292 apartments and about 372 parking spaces.
The apartments would range from studios to 4-bedroom units. The renderings also reveal rooftop pools as part of the plan.
Kimley-Horn & Associates Inc., Baker Barrios Architects Inc. and Pec Surveying & Mapping LLC are on the development team for the project.
Although It is in the early stages, a large project such as this would create an estimated 580-780 temporary construction jobs while also bringing new shops and eateries to local residents and workers. The Golden Sparrow also will give the workers in downtown another option for housing as nearly 40 percent of Central Florida’s residents live in apartments.
Commercial construction firms pulled permits for nearly $4.1 billion worth of metro Orlando projects between January-November 2017, nearly double 2016’s $2.06 billion for that same time period, according to New York-based Dodge Data & Analytics.
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