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Development Updates in Florida:
Florida’s real estate market is booming this summer, with several residential and mixed-use projects in the development pipeline. Growing demand for affordable housing, student housing, and senior housing - paired with growing commercial and hotel demand as tourism increases - make it a hotspot for projects this year. Here’s a look at some development updates in Orlando and Hollywood.
Off-Campus UCF Housing Project Meets Growing Demand
To satisfy the growing demand for off-campus student housing near the University of Central Florida (UCF), Texas-based developer Brent Little has set his sights on a plot less than one mile from UCF’s campus. Little will oversee the demolition of a 60-year-old church to make way for a 605-unit student housing community. The community will help to satisfy off-campus housing demand that has outpaced supply in the local marketplace. With the occupancy rate for off-campus student housing at 99%, this is just one of several projects in the development pipeline - from demolition projects to office conversions - that aim to provide much-needed, local housing options for UCF students.
Downtown Orlando Gears Up for Mixed-Use Tower
Plans have been proposed to construct a new 33-story mixed-use tower in downtown Orlando. The project will include a 228-room JW Marriott hotel, 129 condos, two restaurants, a conference center, and an integrated parking garage. Construction is expected to begin in late 2024.
South Florida Scoop: Multifamily Affordable Housing Project in Hollywood
Miami-based multifamily developer, Housing Trust Group, has recently landed financing for a new below-market-rate multifamily project in Hollywood. The two-building, eight-story complex will provide 141 apartments for individuals and families earning at or below 60% of the Area Median Income (AMI) and the remaining 75 units for those who make between 22% to 80% of AMI. The development will also include 14,000 sq. ft. of ground-floor commercial space and 11,000 sq. ft. of space set aside for a nursing school currently on the property.
Tag(s): Florida Digest
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