87-Acre Apartment/Retail Project Planned Near Mall At Millenia

Nov 06, 2013 No Comments by

There’s a move to update future plans for a lender-owned vacant chunk of land near The Mall at Millenia.

Heartwood 21 LLC, an entity related to Fort Lauderdale-based holding company BFC Financial Corp., is seeking city of Orlando approval to revive an expired planned development for The Gardens on Millenia, an 86.5-acre site in southwest Orlando that five years ago was being planned as a complex with a movie theater, retail, office, residential and hotel/timeshare units.

Updating the land-use approvals could be part of an effort to prepare the land for a sale to real estate developers and/or investors looking for sites in one of Orlando’s better-performing submarkets. It also would create future construction, subcontracting and vendor jobs. In addition, development of vacant land helps improve surrounding property values and brings more tax revenue into the city’s coffers.

The project last month got recommended approval from the city’s municipal planning board on its land-use plan and to rezone the property, which the Orlando City Council may approve at its Nov. 25 meeting.

Additionally, the master plan is expected to go before the board for approval later this month.

The project originally was planned by Maitland-based developer Le Royal Inc., but the real estate downturn caused it to be foreclosed on by lender BBX Capital Asset Management LLC in 2012. Heartwood 21 took title to the property in January.


Source:  OBJ

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Industry News, Multi-Family, NA, Retail
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