Residential projects are now starting to sprout like mushrooms in the United States like the apartment community project in Orlando, Florida as the treat for the second housing meltdown started to abate. Breaking ground for the luxury apartment community called the The Estates at Millenia, was held recently by a South Florida-based real estate investment and advisory firm — Trade Street Capital.
In New York, another large scale residential community is going to be built. Like the soon to be completed 700-unit community, New York City chose Related Companies as part of the development team. Upon completion, the housing community will boast 908 units in the two-building housing complex.
Construction work for the $50 million first phase of the apartment community in Orlando, which would consists of 297 units has already started. The new investment, according to company information, would have an estimated $51 million in economic outcome for the area, the result for the creation of about 600 jobs.
Upon completion, the apartment community will offer 700 luxurious apartment units with 499-space multi-storey parking area, which is also adjacent to the Mall at Millenia — a contemporary indoor shopping mall in Orlando.
Development team for the apartment project includes The Wieland Davco Corporation — the general contractor, and Bowyer & Singleton for civil engineering, while Cline Design Associates is the architecture firm and Foster Conant and Associates as the apartment community’s landscape architect.
Providing for the construction loan, according to reports, is the New York-based real estate developer, manager and financier — Related Companies.
The luxury apartment neighborhood will also include a lap pool, state-of-the-art fitness facility, and courtyard with barbeque grills. Construction for the apartment community is expected to be completed in 2013.