An affiliate of Boca Raton-based Altman Companies is under contract to buy and develop a prominent piece of land along Daryl Carter Parkway.
According to a recently submitted development plans filed in Orange County, the firm wants to build 567 apartments on roughly 34 acres of land located next to where O’Connor Capital Partners is building out its 70-acre Vineland Pointe shopping plaza.
The land under contract at 10055 Almondwood Circle is currently owned by Pride Homes Of Vineland LLC, which is a Miami-based company managed by property investors Omar Fonte, Martha Fernandez and Carlos Garcia.
In 2017, GrowthSpotter reported on plans to entitle the property for multifamily use. The Miami investors paid $17.6 million for the land in 2005 and originally sought to build condos on the property.
The most recently filed site plan shows the multifamily community will consists of 22 apartment buildings. The unit count breaks down to 211 one-bedroom and studio apartments, 296 two-bedroom apartments and 60 three-bedroom apartments.
Amenities include a clubhouse, pool and an amenity building. Kimley-Horn and Associates is civil engineer. Forum Architecture & Interior Design is the architect. A representative of the architecture firm told GrowthSpotter the project will be called Altis Lake Willis.
In recent years, the area has seen a spike in development activity, likely due in part to the future construction plans of an I-4 interchange by the Florida Department of Transportation (FDOT), and the 1.6-mile extension of Daryl Carter Parkway that will stretch from Palm Parkway to S. Apopka-Vineland Road once complete.
Nearby, Pulte Homes recently delivered several new residential developments on more than 100 acres of land surrounding Ruby Lake, including Phillips Grove and Ruby Lake by Pulte Homes. The home builder is currently developing a new 20-unit townhome community called Overlook at Ruby Lake.
AdventHealth is planning a new emergency building just north of Overlook at Ruby Lake, by the Daryl Carter and Palm parkway intersection.
O’Connor Capital Partners recently completed the first phase of the Vineland Pointe shopping plaza, bringing in tenants such as Lucky’s Market, Marshall’s, Ross and Burlington. Plans for the remaining two phases have indicated the developer is seeking lease deals with Target and a movie theater chain.
Fonte owns a general contractor business called Longhorn Construction. The investors are known for entitling large parcels of land and selling it off to developers. In 2017, they sold a shovel-ready site in Margate for $10 million. The Celebration Pointe property spanned a little more than 14 acres.
Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.
