A South Florida developer has turned its focus to Orlando, building two projects in succession and now looking for more land to further its presence here.
Eastwind Development Group of Palm Beach Gardens, which specializes in multi-family housing, is putting the finishing touches on one Orlando-area project, is close to breaking ground on another and has its eyes on more sites.
“We feel Orlando is the most robust part of Florida right now,” said Stephanie Miller, the company’s director of asset management. “As a result, Orlando has our highest focus right now.”
Miller is among those who feel Orlando’s recovery has legs. “We think there are great opportunities,” she said.
“There is so much going on in retail and commercial sector we think it will boom in the coming years.”
Eastwind is just finishing up its first project in the Orlando area.
Sonoma Pointe, near John Young and Osceola Parkways in Kissimmee, is a 216 luxury apartment complex with nine buildings that are each three stories.
Eastwind’s market research leans toward sentiment that higher paying jobs are coming here. Its units feature granite counter tops and stainless steel appliances, and go for $1,100 a month for a one-bedroom apartment to $1,485 for a three-bedroom.
The project itself, which was built on 13 acres of vacant land, cost $18 million, Miller said.
Eastwind is also preparing to build Monterey Pointe, a luxury development for people over 55.
“We think there is a strong market in this area for this type of development and it will only grow,” Miller said.
Land is currently being cleared for the $18 million project, which is in Kissimmee, east of John Young Parkway and north of Osceola Parkway. Construction should start in six to eight weeks and be complete a year later.
Monterey Pointe will be one building with four floors.
One bedrooms will go for $1,100 a month and two bedrooms will be $1,375.
Summit Contracting Group of Jacksonville is the general contractor for both projects.
“We love the market,” Miller said. “It is accessible and the anticipated growth for business makes it even more appealing.”
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