JOINT VENTURE OF PCCP, LLC AND FORE PROPERTY COMPANY TO DEVELOP A 352-UNIT MULTIFAMILY COMMUNITY NEAR ORLANDO
New York, NY, July 9, 2019 – PCCP, LLC and Fore Property Company announced that they formed a joint venture to develop The Westerly, a planned, fully entitled 352-unit Class A multifamily community in Winter Garden, FL, a growing submarket approximately 23 miles southwest of downtown Orlando. Located on 15.8 acres at 13324 Flamingo Crossings Boulevard, the project is positioned within Orlando’s I Drive submarket, which is home to Disney World and its supporting resorts and retail. The well-located site is also adjacent to Walt Disney World’s 500-acre Flamingo Crossings master development which is currently under development.
“PCCP saw this as a great opportunity to work with Fore Property Company, an experienced developer and owner with a number of successful apartment projects in the greater Orlando region,” said Ryan Dodge, a vice president with PCCP. “Over recent years, Orlando has seen continued job and population growth along with capital investment in an area that is driven by the travel and tourism industry.”
The garden-style project, which is anticipated for completion late 2020 will be comprised of 352 apartment units across six, four-story buildings with 595 surface parking spaces and 60 spaces within detached garages. The unit mix will consist of eight studios, 144 one-bedroom units, 160 two-bedroom units and 40 three-bedroom units with an average unit size of 991 square feet.
The Westerly is designed to have a main entrance at the center of the site that leads directly to the 9,000-square-foot resort-style clubhouse. The clubhouse will include the leasing center on the first floor along with a residents’ lounge, fitness center with a dedicated studio and 24-hour access, dry sauna, and a co-working office space with a private conference room. Additionally, there will be a second-story outdoor deck overlooking the pool. This area will include multiple patio areas with grilling stations. The Westerly will also feature a recreational annex building with that will include a mailroom, function space, pet spa, and gaming room. A dog run will be located adjacent to the annex building, and there will also a larger pet exercise area on the northern edge of the site along Western Way. Additional outdoor amenities include extensive fitness trails, along with lush landscaping.
“With no new multifamily communities developed within the immediate area, Fore will provide a needed high-end project to meet the growing demands of the community. We are also proud to be developing the first LEED Silver-designed project within this submarket,” stated Jim Sullivan with Fore Property.
The site is located at the intersection of Flamingo Crossings Boulevard and Western Way, 0.4 miles from Exit 8 of Florida State Road 429. This intersection serves as Disney’s main western entrance, making The Westerly’s positioning easily accessible from all major Walt Disney World attractions, theme parks and resorts. Because of the location’s accessibility, Disney earmarked the 500-acre Flamingo Crossings master development as a strategic gateway in their future growth plans. After years of planning, this project has commenced construction and will be anchored by Disney’s Flamingo Crossings Village Center, a 400,000-square-foot retail center located directly across from the project. In addition to the retail development, five name brand hotels (Hampton Inn & Suites, Hyatt House, Hyatt Place, Hilton Garden Inn and Residence Inn) are currently under construction and will join the existing adjacent Springhill Suites and TownPlace Suites (Marriott). The Flamingo Crossings development will also include a $615 million training facility developed by Disney with 2,600 beds for intern / student housing.
Winter Garden is a city southwest of Orlando is within Orlando’s MSA. The Orlando MSA has a population of approximately 2.5 million, having grown 51 percent since 2005. Job growth has been equally strong, leading the nation for the fourth consecutive year at a rate of 3.3 percent. In the past five years, job growth in the metro has been among the best in the nation and more than double the U.S. average.