Siena Point, Orlando, Florida

Siena Pointe is a planned 163 unit Class A multifamily rental housing community that is being developed in the southeast quadrant of the interchange of Interstate 4 and US Route 27 in unincorporated northeast Polk County, part of the southwest section of the Orlando metropolitan area. Interstate 4 is the main is the main east-west artery through Central Florida, connecting Daytona Beach in the northeast and Tampa in the southwest. U.S. Route 27, also known as the Claude Pepper Memorial Highway, is a major north-south thoroughfare in Central Florida, extending from Miami to the Georgia border. This community will be age-restricted to households in which at least one member is aged 55 years or older. The project will be located in the Posner Park mixed-use community, which is north of the City of Davenport and southwest of the ChampionsGate master-planned development. It is 8 miles from Disney World. The Siena Pointe site is situated adjacent to the Posner Park Shopping Mall and the recently completed Posner Village. The Posner Park Shopping Mall is a nearly 500,000 sq. ft. regional shopping center with restaurants, a Cinopolis IMAX movie theater, and retailers that include Target (includes grocery store), Dick’s Sporting Goods, Best Buy, Staples, Ross, Michaels, PetSmart, Books-a-Million and JC Penney. Posner Village adds retailers Burlington and Five Below.

Siena Pointe will consist of a U-shaped four-story elevator building featuring Florida Craftsman architecture surrounding a central courtyard with pool and sun deck area on a 7 acre site. The total of 163 residential units will consist of 63 1BR/1B garden units, 33 1BR/1B units with a den/office, and 67 2BR/2B garden units. Unit sizes will range from 753 square feet for the smallest 1BR unit to 1,042 square feet for certain 2 BR units. All units will feature 9 ft. ceilings, wood plank flooring, stainless steel appliances, granite countertops, enhanced light fixture package, bedroom ceiling fans and energy and water conservation features that will lower monthly resident utility bills. There will also be a clubhouse with a community room for functions, concierge service, management office, fitness center, business center, hair and nail salon, resident dining area, pet spa and a spacious and attractive community swimming pool and deck area in the central courtyard. There will be wifi service throughout the common and pool areas. There will be secured access from adjacent surface parking and detached garages. Architectural and interior design services are being provided by Forum Architecture of Altamonte Springs and engineering services are being provided by Kimley Horn & Associates of Lakeland.

Siena Pointe is in the final stages of site plan approval. Applications for building permits are expected to be submitted in April 2020, and it is expected that building permits will be ready for issuance by the end of June 2020. Construction is expected to commence in July 2020, and be complete by September 2021, with the completion of lease-up projected for the summer of 2022. Total development costs are projected to be $27 million, with an anticipated construction loan amount of $19.5 million. The construction contract will be a stipulated sum agreement with a general contractor that we are in the process of selecting.