Construction finally is set to kick off on a Thornton Park luxury apartment complex that’s been in the works since 2015.
Houston-based Camden Property Trust (NYSE: CPT) has joined forces with McLean, Va.-based Jefferson Apartment Group as co-developers of the $100 million, 364-unit project dubbed the 520 complex, which is planned for the southwest corner of East Church Street and South Eola Drive in downtown Orlando. Work is set to begin by mid-May or early June, since permits already have been secured, real estate sources said.
The 12-story 520 — a sister property to Jefferson Apartment Group’s $45.5 million, 299-unit 420 East complex that was completed last year — will feature nearly 7,000 square feet of ground-floor retail, 12 retail/live/work studios including six that will allow for workspace downstairs and an apartment upstairs, plus a 630-space integrated parking garage.
Mike Mulhall, senior vice president and development partner at Jefferson Apartment Group, confirmed the co-development with Camden, but declined to share further details. "I’m excited about moving the project forward," Mulhall told Orlando Business Journal.
Chad Weaver, vice president of real estate investments for Camden Property Trust in the Tampa/St. Petersburg area, wasn’t available for comment.
This project adds another big asset to the real estate investment trust’s local portfolio, as Camden’s related Camden USA Inc. in February spent $80.8 million, or $242,492 per unit, to buy the 333-unit The Sevens downtown complex from Columbus, Ohio-based Pizzuti Cos.’ related Pizzuti Sevens LLC, Orange County records showed. Camden since has renamed the property at 777 N. Orange Ave. as Camden North Quarter, to reflect the name of the growing neighborhood north of the central business district.
Meanwhile, the new 520 project will be Camden’s third downtown Orlando property; the company completed the 268-unit Camden Orange Court complex in 2008 on the southwest corner of Colonial Drive and North Orange Avenue, as previously reported by OBJ.
First look: Inside 420 East downtown Orlando apartments
A tour of Orlando’s newest apartment project.
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New luxury apartments have a significant impact in Orlando, as nearly 40 percent of Central Florida’s residents live in apartments. The downtown area has more than $4 billion worth of projects, so more business people will seek housing options with plenty of amenities.
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