Seville Place Apartments to Undergo $22M Renovation and Rebranding
- Jan 26, 2012
The new owners of the Seville Place Apartments in Pine Hills have released plans for a $22 million renovation project of the property.
The apartment complex, owned by a joint venture between two Miami development firms—The Related Group and The Urban Development Group LLC—was bought out of receivership in April 2011 for $5.5 million or $12,388 per unit. Built in the 1970s, the Seville Place apartment complex at North Pine Hills Road, north of Silver Star Road, is currently comprised of 444 units.
However, the owners plan on investing $22 million in reducing the number of units to 264 in order to accommodate a new 220,000-square-foot community center, classrooms, a business office, a resident lounge, a fitness center and a pool. Other upgrades include new appliances, cabinets, countertops, flooring, lighting and window treatments to the studio, one-, two-, and three-bedroom “villa” units. The apartment complex, which will bear the name Emerald Villas, will also have its existing exteriors renovated, as well as its electrical systems and plumbing.
According to the Orlando Business Journal, the project received an $8.6 million grant through Neighborhood Stabilization Plan and State Housing Initiatives Partnership financing from Orange County. Additionally, $10.5 million in tax-exempt bonds issued through the county Housing Finance Authority and secured by Bank of America was provided for the construction financing. Tax credit equity is being provided by Raymond James Tax Credit Funds.
Fortune Construction has been chosen to serve as general contractor. Orlando-based Jacobs & Associates will handle the design and TRG Management Company will serve as property manager.