Apartment

Plans filed for apartment project southeast of downtown Orlando – GrowthSpotter

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Two lakefront parcels southeast of downtown Orlando along Semoran Boulevard are being considered for a small apartment community.

Jason Bullard with Exo Engineering, LLC submitted an application to the St. John’s Water Management District on behalf of the owner, an entity affiliated with Winter Park Peacock Capital LLCfor a multi-family development of 144 units.

Peacock Capital, led by Ken Polsinelli, bought the two parcels totaling nearly nine acres in December for just under $1.9 million. He did not respond to requests for comment.

Applications have been submitted to Orange County for a conservation area determination and to the school board for a school concurrency / crowding capacity determination. Both are under review.

The county in 2016 paved the way for multi-family units on side-by-side lots by rezoning the property from its original single-family residential land use designation. At that time, the land was owned by an entity affiliated with the St. Cloud-based Rocker Fruit Company.

In addition to Exo Engineering, the project team includes a Tampa-based company Architecture of Rio.

Site plans submitted to the Water Management District show six three-story apartment buildings around the outer edge of the property line with 238 parking spaces in the middle.

The project is divided into 108 one-bedroom units and 36 two-bedroom units.

The northern tip of the property borders 66-acre Lake Fredrica, which is already surrounded by a number of aging multi-family assets.

Harbor Beach, a condominium community, sits on adjacent property to the west. The 344-unit Bellagio Apartments, built in 1974, are located on the west side of Lake Fredrica across Semoran Boulevard, while the 360-unit Aria Beach apartment community, built in 1973, occupies the north side of the lake.

Peacock Capital Advisors is a real estate investment and advisory firm focused on acquiring, renovating, building and operating neighborhood multifamily properties in Central Florida, according to the company’s website.

Polsinelli founded the company in 2016 and previously served as an executive for the national multi-family owner-operator McKinley.

GrowthSpotter reported in early 2020 that Peacock’s portfolio included approximately a dozen apartment communities throughout Florida and one in Texas.

South Orlando’s submarket has 1,188 apartments across five properties currently under construction, according to a recent market report from Co-starring. There are approximately 23,000 new units under construction in the Greater Orlando area, the report said.

Do you have any advice on developing Central Florida? Contact me at (407)-800-1161 or [email protected]or send me a tweet at @DustinWyattGS. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.


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