Redevelopment of a former golf course in Orlando is scheduled to start this week with site work for a $40 million gated apartment complex near SeaWorld.
The apartment developer, Altamonte Springs-based Picerne Development Corp. of Florida, closed on a $32.7 million construction loan from M&T Bank and pulled permits last week to start building the 282-unit Oasis at Grande Pines near SeaWorld’s Discovery Cove park.
An affiliate of Picerne called Oasis at Grande Pines LLC paid $5.6 million on Dec. 14 for the 16-acre construction site, part of a former golf course known as the Marriott Grande Pines Golf Club. The seller was an entity related to New York-based Angelo, Gordon & Co. LP and Florham Park, N.J.-based Ridgewood Real Estate Partners.
The 282 apartments at Oasis at Grand Pines would be part of a cluster of 1,100 residences planned on the grounds of the former golf course. Site plans include 260 lots for single-family homes, 176 for town homes and three separate parcels for 700 apartments. The land is on the corner of Westwood Boulevard and International Drive in southwest Orlando.
“Not only is there strong rental demand for well-located infill communities, but Orlando is prime to develop new garden apartments due to the spread between cost and value,” Stephen Novacki, vice president of development at Picerne, told Orlando Business Journal. “It gives us a lot of options 18 months from now, when the project has its final [certificate of occupancy] and is stabilized.”
Oasis at Grande Pines will have one-, two- and three-bedroom apartments, more than half with views of the property’s three-acre lake. Interior features include granite countertops, stainless steel appliances, security systems and USB connections.
Among the shared amenities are a footpath around the lake, a clubhouse spanning 10,300 square feet, a fitness center with a separate yoga room, a café-style lounge and clubroom, business center and gaming room. Forum Architecture & Interior Design Inc. is the project designer.
Picerne’s related Picerne Construction Corp. is the general contractor, and Picerne Management Corp. will handle project and property management. [Orlando Business Journal] — Mike Seemuth