Emerson Starts Luxury Apartment Project Near Orlando

A luxury apartment complex is on the way in a fast-growing Orlando suburb.

Local developer Emerson International, in partnership with design-builder Finfrock, has started construction on the CenterPointe — a 401-unit, $82 million development in Altamonte Springs, north of Cranes Roost Park and Uptown Altamonte, the Orlando Business Journal reported.

The project, spanning 4.3 acres at 425 CenterPointe Circle, is part of Emerson’s long-awaited CenterPointe Altamonte Springs, a 55-acre mixed-use development set to include office buildings, a 100-room hotel, resort-style condos, retail, restaurants and two parking garages.

The seven-story apartment building, slated for completion in August 2025, will rise next to the 300-unit Sanctuary at CenterPointe apartment, which was completed in 2020.

Residents will have access to numerous amenities, such as a cafe, clubhouse, fitness center, swimming pool and a courtyard with a fire pit and cooking area.

Nationwide, the apartment market has cooled off considerably since it peaked around last summer. In Orlando, luxury apartments are projected to see elevated vacancies as supply outpaces demand.

“Higher-end properties have seen vacancy rise the fastest in the past year, not surprising since more than 75 percent of all new units added in this area have fallen within that 4- and 5-star category,” Lisa McNatt, the director of market analytics for CoStar Group in Orlando, told the outlet. “Looking forward into 2024, we can expect vacancy to remain elevated as 80 percent of all units underway are higher-end units that will be delivering in an environment marked by higher competition and fewer prospects for rent growth.”

In the North Orlando apartment submarket, which includes the CenterPointe, the average monthly rent is $1,680 and the vacancy rate is 10.4 percent, mirroring broader trends in the Orlando metro.

—Quinn Donoghue