JV Brings SkyHouse Apartments Concept to Orlando
- Sep 17, 2012
Novare Group and Batson-Cook Development Company, the joint venture behind Atlanta’s SkyHouse Midtown Apartments, has now teamed up with Palmetto Realty Advisors in order to bring the SkyHouse concept to Orlando.
Modeled after the Atlanta project which broke ground in January, SkyHouse Orlando is a 23-story, 320-unit apartment tower that will rise at Livingston St. and Magnolia Ave. With the location set on the downtown LYMMO transit route, SkyHouse Orlando will also be two blocks from the proposed SunRail addition to LYNX Central Station—part of Central Florida’s $1.3 billion commuter rail line.
According to Citybizlist, the development will also feature 9,000 square feet of street level retail shops, while a portion of the acquired land will be donated to the city and built out by the venture as a city “pocket park” fronting Livingston Street. A completion date has been set for the third quarter of 2013.
Construction and permanent financing for the project is being provided by an investor account advised by the U.S. real estate business of UBS Global Asset Management, while NGI Investments, LLC, and Batson-Cook Development Company are providing equity. The Atlanta office of CBRE advised on financing for the project whose costs of development are estimated at $63 million. Smallwood, Reynolds, Stewart, Stewart will serve as architect.
In the Orlando metro area, projects containing 11,300 units are lined up in the planning pipeline, although few start dates have been reported. Nevertheless, in 2012 developers will complete approximately 1,000 units—an increase from 2011, but a level low below the average 2,200 units produced annually in the five years before the recession—points out a recent Marcus & Millichap report.
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