Orlando Fashion Square mall is set to get some new development — bringing with it some future shoppers and diners.
Atlanta-based Trammell Crow Residential Co. plans to tear down the existing 40,000-square-foot Anthem College building on Maguire Boulevard northeast of the mall and build in its place a new 356-unit, four-story Class A apartment complex, city of Orlando documents showed.
The 8.4-acre site is owned by MMM Lakewood Ltd. LLLP, the entity that owns the land that Orlando Fashion Square sits on, Orange County records showed. The city’s municipal planning board is expected to review the proposal at its May 17 meeting, documents showed.
The estimated $50 million apartment project, dubbed Alexan at Audubon, would add a new element to the mall, where construction began in February on a new 9,000-square-foot regional hub for Wilmington, Del.-based The Bancorp Inc.’s (Nasdaq: TBBK) commercial fleet leasing business, as previously reported by Orlando Business Journal.
And apartments have been part of Fashion Square’s expansion since 2014, when Franklin, Tenn.-based mall owner UP Development Inc. sought approval for 250 units.
Representatives from UP Development didn’t respond to requests for an update on Fashion Square plans, and Jim Berardinelli, vice president of Trammell Crow Residential, wasn't immediately available for comment.
However, Trammell Crow Residential last year started work on the new $50 million, 314-unit Alexan Crossroads apartments near Walt Disney World — its first new development in Central Florida since the Great Recession, as previously reported by OBJ.
New apartments typically bring opportunities for construction companies and vendors, while also creating new housing stock that’s much in demand for Orlando’s growing population.
Read more about the local apartment market and come back to OrlandoBusinessJournal.com for updates.
Resource: http://www.bizjournals.com
Atlanta-based Trammell Crow Residential Co. plans to tear down the existing 40,000-square-foot Anthem College building on Maguire Boulevard northeast of the mall and build in its place a new 356-unit, four-story Class A apartment complex, city of Orlando documents showed.
The 8.4-acre site is owned by MMM Lakewood Ltd. LLLP, the entity that owns the land that Orlando Fashion Square sits on, Orange County records showed. The city’s municipal planning board is expected to review the proposal at its May 17 meeting, documents showed.
The estimated $50 million apartment project, dubbed Alexan at Audubon, would add a new element to the mall, where construction began in February on a new 9,000-square-foot regional hub for Wilmington, Del.-based The Bancorp Inc.’s (Nasdaq: TBBK) commercial fleet leasing business, as previously reported by Orlando Business Journal.
And apartments have been part of Fashion Square’s expansion since 2014, when Franklin, Tenn.-based mall owner UP Development Inc. sought approval for 250 units.
Representatives from UP Development didn’t respond to requests for an update on Fashion Square plans, and Jim Berardinelli, vice president of Trammell Crow Residential, wasn't immediately available for comment.
However, Trammell Crow Residential last year started work on the new $50 million, 314-unit Alexan Crossroads apartments near Walt Disney World — its first new development in Central Florida since the Great Recession, as previously reported by OBJ.
New apartments typically bring opportunities for construction companies and vendors, while also creating new housing stock that’s much in demand for Orlando’s growing population.
Read more about the local apartment market and come back to OrlandoBusinessJournal.com for updates.
Resource: http://www.bizjournals.com
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