Developers Close On 3.2-Acre Parcel For $4.2 Million

Nov 05, 2015 No Comments by

maitland city centre 2Developers The Allen Morris Company, Lamm & Company Partners, and Millenia Partners announced that they have closed on the $4.2 million purchase of the 3.2-acre parcel at 111 S. Orlando Avenue in Maitland. where they will build Maitland City Centre, a $67 million, mixed-use development that will establish a new direction for maitland city centre 3urban living in the Orlando suburb of Maitland.

The land was sold by Iberia Bank to Maitland City Center, LLC, an entity of the development team.

Maitland City Centre is scheduled to break ground in fall 2015. When complete, it will serve as a premier metropolitan oasis with bustling sidewalks, trendy dining venues, upscale retail establishments, art and design galleries, beautiful residences and everyday conveniences. The general contractor for the development is Walker Lamm Joint Venture, LLC, a partnership between Lamm & Company Partners and Walker & Company, Inc.

 

“We are well underway on a tremendously exciting program for Maitland City Centre,” said W. Allen Morris, Chairman and CEO of The Allen Morris Company. “Today’s closing is just the next step, demonstrating our development partnership’s total commitment to this visionary project, which marks the Allen Morris Company’s 82nd development to date. We have been passionately working on making this community-oriented development first-class in every way, and creating within it a celebration of Maitland’s history and community.”

This significant milestone occurs on the heels of a highly favorable leasing process. In order to select the “Best of the Best” for Maitland City Centre’s 32,500 square feet of available commercial space, the project is negotiating Letters of Intent from leading restaurants and retailers, and specifically it has received commitments from a nationally popular coffee shop, Subway and the revered Jeremiah’s Italian Ice, Maitland’s favorite Italian ice destination.

 

“Maitland City Centre is proving to be an extremely attractive venue for popular retailers and restaurants looking to capitalize on the projects residential community, unique surrounding amenities and high visibility,” added Brian Grandstaff, Principal of Millenia Partners and the retail brokerage firm for the Centre. “Not only is the project ideally situated among the key City landmarks of City Hall, government offices, the City’s central green space, the SunRail Station, the new Festival Street plan and the Maitland Art Center which recently achieved the status of a National Historic Landmark, but its beneficial location receives an average traffic count of 46,000 vehicles each day.”

In addition to Maitland City Centre’s prime location and vast commercial offerings, the six-story development designed by ACi of Winter Park includes 220 one- and two-bedroom rental apartments and 24 live/work units that combine a one bedroom apartment with office space. Each of the beautifully appointed apartment homes will incorporate a fusion of contemporary design and refined elegance with gourmet kitchens, granite countertops, stainless steel appliances and landscaped terraces. Residences range from 700 to 1,300 square feet and are priced from $1,300 to $2,400 per month.

Complementing the project’s luxury residences, Maitland City Centre will be rich with amenities. For those seeking a resort-like retreat, a rooftop pool will feature a palm-lined sundeck with cabanas overlooking Festival Street and the city’s central green space. An expansive state-of-the-art fitness facility will offer the latest exercise equipment, and specialized areas such as yoga, Pilates and spinning. Residents will also have access to a 24-hour business center, high speed public Wi-Fi and multiple conference rooms.

 

“Maitland City Centre is not just another mixed-use development,” concludes Morris. “It is a lifestyle. A destination that will establish, for the first time in Maitland, an urban, vibrant downtown community that offers a true sense of place for the city’s residents.”

Maitland City Centre is slated for occupancy in 2017.

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Industry News, Land, Multi-Family, NA, Retail
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