ORLANDO, FLA. — A joint venture development entity comprised of Wood Partners and the Ustler Group has started construction on a 248-unit, five-story, urban apartment community in downtown Orlando known as The Ivy-Residences at Health Village.
Florida Hospital sold the 3.4-acre site to Wood/Ustler in November 2012. The site is part of Florida Hospital’s Health Village, a 172-acre mixed-use, master-planned urban development centered on health and wellness. The transit-oriented development features a variety of uses, including medical, research, medical office, commercial, hotel and multifamily.
Located at 2650 Dade Ave., a block west of Orange Avenue, the $38 million Ivy-Residences at Health Village consists of two mid-rise buildings and an integrated parking garage. There are a total of 248 one-, two- and three-bedroom units averaging 941 square feet, with 233,368 square feet of total living area.
The Ivy is the first true transit-oriented development project to start vertical construction in Orlando since the formal announcement of SunRail, a commuter rail transit project that will be built in phases and run along a 61-mile stretch of existing rail freight tracks in the four-county area in central Florida.Health Village offers a station with access to SunRail, which is anticipated to be operational in 2014.
The Ivy will be one SunRail stop away from the premier dining and shopping offerings of Winter Park’s Park Avenue, and two stops from the main downtown Orlando stop at Church Street Station in the central business district.
“We’re thrilled to be working with the Ustler Group on what we’re certain will be a successful community addition for both Florida Hospital and the City of Orlando,” says David Thompson, director of Wood Partners in Florida.
Ustler has been engaged in urban infill development in downtown Orlando for the past 15 years. Atlanta-based Wood Partners is one of the nation’s most active multifamily developers, having started 21 communities and approximately 5,100 units in 2012.
“This is a great opportunity to partner with the top apartment developer in the country to bring a unique, neighborhood-specific apartment project to Health Village and further the overall vision of Florida Hospital,” says Craig Ustler, president of the Ustler Group. “We are building a vital piece of Health Village as it evolves into a truly valuable mixed-use urban community centered on health and wellness.”
The design team includes Baker Barrios, design architect; Charlan Brock & Associates, architect-of-record; Wood Florida Builders, general contractor; GAI Consultants, civil engineer; and Libra Design Group Inc., landscape architect.
Unique aspects
At The Ivy, interiors will feature high-quality ceramic flooring in kitchens, entries and baths; 9-foot-4-inch ceilings; stainless steel appliances; 42-inch cabinets with granite tops; and modern lighting fixtures.
Community amenities include bike racks, cyber café and coffee bar, lounge area, yoga/spin room, exercise room, summer kitchen on pool deck, second floor balcony pool deck, game room, two community/gathering rooms, dog walk and car charging station in the parking garage.
The first units at The Ivy are scheduled for completion late this year or early 2014, with full project completion and availability of all units set for mid-2014. Monthly rents start at $1,100 for studio apartments and rise to $2,225 for three-bedroom, three-bath units.
Rendering of The Ivy-Residences at Health Village
Wood Partners and Ustler have a marketing relationship with Florida Hospital to provide their employees with the first opportunity to lease apartments at The Ivy.
“While we will not turn away the general public, we will specifically pre-market the project directly to hospital employees several months prior to marketing to the public,” says Thompson. “The Ivy will provide new, well-located and cost-effective housing, enabling Florida Hospital to attract and retain high-quality medical personnel and employees.”
Florida Hospital Health Village is anchored by the hospital, encompasses about 26 city blocks and is home to hospital and medical-related uses, educational facilities, administrative offices, Adventist Health University, medical offices and close to 1,200 hospital beds.
With the addition of approximately 300 beds in the Women’s Hospital currently under construction, Florida Hospital’s Orlando campus will be one of the largest hospital complexes in Florida. The Ivy will contribute to the hospital’s healthy living mission with thoughtful urban design and responsible development, according to the project team.
The Ivy is also well located adjacent to several highly desirable Orlando neighborhoods, including College Park, Mills 50 District and Winter Park.
Favorable demographics
Metropolitan Orlando has a population of 2.15 million and is projected to be one of the fastest-growing areas in Florida during the next five years. Based on forecasts by the Institute for Economic Competitiveness at the University of Central Florida (UCF), employment growth for the Orlando metro area is anticipated to be the second highest in the state through 2014. UCF projects the creation of more than 59,000 new jobs in 2014.
Despite high rents and occupancies for competitive projects, there is a historically low number of new apartment units under construction within the metro area, and an absence of new construction in the immediate market area. Specifically in downtown Orlando, urban infill apartments are significantly undersupplied, according to the developers.
— Matt Valley