“Construction update: Step inside this $75.6M+ luxe apartment complex near downtown”

Orlando Business Journal

John Zeledon and Bill Finfrock.John Zeledon and Bill Finfrock.
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By Jack Witthaus

 

A planned $76 million-plus, nine-story luxury, mixed-use project overlooking Lake Ivanhoe soon will deliver new office and restaurant space north of downtown Orlando.

 

The Lake House project — a joint venture between Apopka-based Finfrock, OneEleven Residential LLC and New York-based Sumitomo Corp. of Americas — continues to search for tenants for its 27,000 square feet of ground floor space on North Ivanhoe Boulevard west of North Orange Avenue. No leases have been signed, said OneEleven owner John Zeledon, who also is handling leasing for the 2.3-acre project.

 

The structure is already nine stories tall and future units are beginning to take shape. The project will have a pair of larger penthouse units for rent on the top floor, which will offer views of downtown Orlando set behind Lake Ivanhoe. In addition, the complex will feature eight, two-level units for rent with a staircase and yard. Click through the slideshow above to see how construction is progressing.

 

The project, which kicked off construction in January, also will include 252 luxury apartments, a fitness center, a second-story pool overlooking Lake Ivanhoe and an eight-level parking garage. Construction is expected to wrap up in mid-2020.

 

Beyond downtown Orlando, the future apartment complex will offer almost uninterrupted looks of west and north Orlando and beyond. "Even our bad views are good views," Zeledon said.

In January, Dallas-based HFF LP (NYSE: HF) arranged a $60 million construction loan for Lake House. The project's estimated cost is $75.6 million for the apartments alone, according to industry standards.

 

Monthly rents haven't been determined, but downtown's average monthly rent is $1,575, which is higher than the Orlando area average of $1,302 a month, Charlotte, North Carolina-based apartment research firm Real Data Inc. reported.

 

See images in the gallery below.