The Federal Aviation Administration is currently reviewing building permit applications for Modera South Eola, a 25-story residential building proposed for 270 East Pine Street as a part of The Commons master-planned mixed-use development in Downtown Orlando’s Central Business District. Designed by Bethesda, Maryland-based SK+I Architecture and developed by an entity linked to Orlando-based Mill Creek Residential (Mill Creek), the L-shaped residential tower would comprise 400 multifamily rental units with related amenities, 8,238 square feet of retail space, and an 8-level parking garage with space for 400 vehicles. The Commons is a joint venture partnership between Mill Creek and an entity linked to Charlotte, North Carolina-based Highwoods Properties, Inc. (Highwoods), which is developing the commercial portion of the master plan – a 3-story structure with 100,000 square feet of Class A office space at 115, 155, 191 South Rosalind Avenue.
Park Partners Residential, owner and operator of value-add and luxury multifamily apartment communities, and Independencia Asset Management have completed the $77,750,000 acquisition of The Commons, a multifamily residential community addressed as 8050 Gables Commons Drive in Orlando. The 19.28-acre property is located south of Little Lake Bryan Parkway and is east of Vineland Avenue and Interstate-4, just minutes away from Orlando Vineland Premium Outlets. Los Angeles-based Ares Management provided the funds for the purchase, which was brokered by Jubeen Vaghefi, Denny St. Romain and Charles Crapse of Cushman Wakefield. The newly formed joint venture between Park Partners Residential and Independencia Asset Management received a $58.5 million construction loan from American Real Estate Capital to fund an extensive renovation of the property’s 280 units, clubhouse and amenity spaces.