Feb 5 2013
Wood Partners has started construction on a 200-unit apartment community located on Spring Lake at the entrance of Doctor Phillips, one of Orlando's most desirable residential districts.
The 5.95-acre site -- at the northwest corner of Sand Lake Road and Turkey Lake Road in southwest Orlando -- is a quarter of a mile from Interstate 4 and three miles from Walt Disney World.
Wood Partners, one of the nation's leading multifamily developers, anticipates a February 2014 leasing start, with construction completion around July open email 2014.
"The site is well served by major transportation routes, major employers, area schools, retail stores and other support services," said David Thompson, director for Wood Partners in Florida. "The proximity to excellent retail, prestigious Doctor Phillips address, outstanding lake views and superior school district distinguish the project from competitive offerings."
Real Estate Capital Partners is Wood Partners' equity partner in the project. The lender is Synovus Bank.
The five-story, urban-style community will include over 17,000 square feet of retail space, to be owned by The Wilder Companies. The Boston-based firm specializes in retail real estate development, management and leasing.
The Rialto's one-, two- and three-bedroom apartments will average 1,056 square feet, with 211,200 square feet of total living area. High-quality interiors will include ceramic flooring in kitchens, entries and baths; ceramic tub surrounds; nine-foot ceilings; stainless steel appliances; 42-inch cabinets with granite tops; and sleek, modern lighting.
A total of 399 parking spaces will be available in the integrated parking garage, in addition to 59 spaces for retail and five spaces for the leasing office.
Community amenities will include a leasing center and clubhouse, with a pool, mail kiosk and fitness center.
The Rialto, which will neighbor the Bay Hill and Isleworth communities, will be within 10 minutes of major employment hubs at Walt Disney World, Sea World, Universal Studies, and the Orange County Convention Center.
The site, with 350 feet of frontage on Sand Lake Road and 750 feet of frontage on Spring Lake, is in the middle of the premier dining and shopping offerings in Doctor Phillips. Leading restaurants including J. Alexander's, Ocean Prime and Bar Louie are right next door, and Ruth's Chris, Season's 52, Publix and Whole Foods are within one quarter mile.
Construction of The Rialto is expected to coincide with strong market demand. Employment growth for the Orlando metro area is anticipated to be the second highest in the state through 2014, based on forecasts by the Institute of for Economic Competitiveness at the University of Central Florida.
Over its 19-month construction period, the project is expected to generate more than $20 million in local income, about $1.9 million in local taxes and government revenue, and more than 244 jobs.
The additional, annually recurring impacts of building 200 rental apartments in a typical metro area include $4.6 million in local income, $790,000 in taxes and other revenue for local governments, and 64 jobs, according to estimates by the National Association of Home Builders.