New $32M apartment complex slated near Florida Mall

A roughly 180-unit apartment complex is set to rise near the Florida Mall.

Plans were filed July 26 for the apartments that will be built north of East Sand Lake Road and west of Winegard Road on about 8.06 acres, according to Orange County records. The planned Sandlake Palazzo complex is the latest development amid a boom of new apartment construction in Central Florida.

An apartment complex that size could cost about $32.4 million to build, according to industry standards.

The project’s owners are Miami-based Sandlake Partners LLC and Sandlake Palazzo LLC. The two entities own 10.4 acres on three neighboring land tracts. Combined, the pair of entities paid roughly $2.9 million for the land in October 2016. The seller was Maitland-based Cordeiro & Aranda Tanaka Investments LLC.

Meanwhile, plans were announced in June to build another apartment complex, Grande Lakes III, north of Central Florida Parkway and west of South John Young Parkway near the Florida Mall. The estimated $54.1 million, 328-unit apartment complex will be built on about 15 acres. The complex is expected to feature seven apartment buildings situated around a couple of ponds. Atlanta-based Wood Partners LLC is the developer and Maitland-based Charlan Brock & Associates Inc. is the architect

These projects add to the uptick in apartment construction in the region. Orlando reported a 3.2 percent vacancy rate in the multifamily sector, which is among the lowest for Southeastern cities, according to the most recent report by Charlotte, N.C.-based Real Data Inc. There are more than 11,700 apartment units in Central Florida’s construction pipeline.

Additionally, Orlando regularly ranks among the top 10 fastest-growing cities in the U.S. The City Beautiful’s population grew by 2.41 percent last year, and its employment grew by 3.47 percent, ranking it the fourth fastest-growing city in the U.S., according to Forbes.

Largest Construction Cos./General Contractors

Ranked by 2017 C. Fla. operating revenue

Rank Company 2017 C. Fla. operating revenue 1 Finfrock $200.20 million 2 Walker & Co. Inc. $187.00 million 3 Williams Co. $162.00 million View This List

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