A new 280-unit apartment complex is set to rise in Sanford, courtesy of a California company founded by the owner of the L.A. Chargers.
Stockton, Calif.-based A.G. Spanos Cos. spent the last few years planning the estimated $46.2 million complex, dubbed Lake Monroe Apartments, at 2205 W. Seminole Blvd. A $28 million building permit application was approved earlier this year for the complex, and another permit was filed for a $675,175 clubhouse, according to Seminole County records.
Representatives from A.G. Spanos were unavailable for comment. However, the five-building complex plans show amenities including a pool and a pair of fountains, according to city of Sanford documents. The firm bought the roughly 14.3-acre site for about $1.6 million in 2005, county records showed. It had been seeking approvals from the city since 2016, news reports showed.
Plans for Lake Monroe Apartments in Sanford.
Once the project kicks off, Lake Monroe Apartments will join plenty of other big projects in the area, including Heritage Park, a $50 million-$55 million, mixed-use development also near Sanford’s Lake Monroe. That development will feature of 235 residential units, 35,750 square feet of shops and restaurants, and 8,550 square feet of office space, as previously reported by Orlando Business Journal. It’s located on 5.25 acres of vacant city-owned property.
Meanwhile, it also adds to the boom 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 a March report by Charlotte, N.C.-based Real Data Inc. There are more than 11,700 apartment units in Central Florida’s construction pipeline, and roughly 30 percent of those units are being built in downtown Orlando.
The average monthly rent for the region is about $1,235. Occupancy rates are expected to remain higher than 95 percent over the next year, well above average among Southeastern cities, which should trigger rent growth, according to the report.
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 Projects Underway
Ranked by Total square feet of project under way
Rank Total square feet of project under way Project 1 2.20 million Orlando International Airport South Terminal C Phase I 2 1.24 million Orange County Convention Center West Concourse roof replacement 3 925,000 JW Marriott at Bonnet Creek View This List