News/Residentialpropertydevelopments

News/ResidentialPropertyDevelopments

ContraVestseekssubcontractorsfornew

Windermereapts, newlandforfuture

Picturedaboveisarenderingofthe316-unitAddisonatWindermeremulti-familydevelopmentbyContraVest. (CBAArchitects)

ByBobMoser• ContactReporter

GrowthSpotter

MARCH8,2016, 1:10 PM | UPDATED:MARCH8,2016 6:53 PM

ltamonteSprings-basedContraVestwillbegin hiringsubcontractorsand craftsmenofalltypes forits316-unitAddisonatWindermereapartmentcommunity,a$32.6million

investmentprojectedtobreakgroundinJulyattheintersectionofS.R.535and FiquetteRoad, leadexecutiveswiththecompanysaidTuesday.

It'sthenextbidopportunityforvendorsinwhat shouldbeabusyyearforContraVest,adeveloper,builderand managerofmarketrate multi-familycommunities.

Theprojectwilloccupy 15acres ofa21-acre parcelsouthwestoftheintersection,which liesdirectlysouthoftheCornerstoneatSummerportPublix ShoppingCenter,and willhavepartialaccessthroughthatcenter'sparkinglot.

Nowundercontract,theparceliscurrentlyownedbyClarconaInc.,anaffiliateoflocalrealestateownerand developerLeeChiraAssociates.

TheAddisonatWindermereisfullyfinancedand nearlythroughitspermittingprocesswithOrangeCounty,saidSteveOgier,presidentofContraVestBuildersand principalwiththeparentcompany.Final approvalfrom OrangeCounty Public Schools hasdelayedtheproject'sconstructionstartfromanoriginaltargetinApril.

Roughly13miles totheeast, ContraVestshouldbreakgroundthismonthorAprilonthe292-unitAddisononMillenia,and isstillhiringforafewremainingsubcontractorancillaryservices,saidGreggHendershot,vicepresidentofconstruction.

That multi-familyprojectoccupies11.5acres ofthe87-acreGardensonMillenia,aretailcenterbeingdevelopedjointly bySouthFlorida-basedStilesCorporationand BBXCapital.ThepropertyisborderedbyMilleniaBoulevardand Interstate4.

BBXCapitaland ContraVestDevelopmentPartnersformedajoint ventureinlateNovembertobuildTheAddisononMillenia.That partnershipwillowntheland,build and managetheapartments,withContraVestasmanagingmemberand generalcontractor.

Sevenmiles southoftheMilleniaprojectisContraVest'sfirstphaseofTheCourtneyApartments(355units),onthenortheastcornerofUniversalBoulevardand DestinationParkway.

Thecompanyisundercontracttopurchasetheneighboring12.16acres fromOrlandoEquityPartnersforasecondphase(345units)ofthatprojectand controlstheland, Ogiersaid. ContraVestisworkingwithOEPtofinalize thetimingofthatsale,butOgierexpectssubcontractorbidopportunitiestoopen inthefourthquarterofthisyear,withaprojectedstartforconstructioninJanuary2017.

Those apartmentswillbesurroundedby20acres ofretailand diningoutparcelsdubbedDestinationShoppes,being developedComTerraDevelopmentGroupand CraftDevelopmentCorp.outofToronto.

ContraVestcontinuestoseeknewland acquisitionopportunitiesintheGreaterOrlandoarea.Thecompanyfavors propertiesalreadyentitledformulti-familyuseduetotheclear pathitprovidesforfinancingapproval,Ogiersaid.

SubmarketsinOrangeand Seminolecountiesthatboasthighnetworthresidentbaseswillbeareas

offocus,orconcentratedjobmarketslikethetourismcorridor,MedicalCityand DowntownOrlando,hesaid.

Thecompanyisobservingland opportunitiesinOsceola County withaneyeonfuturegrowthoftechnologyand manufacturingbusinesssegments,buttheresidentnetworthdemographicsaren'tstrongenoughyet,Ogiersaid. Similarchallengesarise forland inClermont,whereContraVestisbullishongrowth.

HaveatipaboutCentralFloridadevelopment?Contactmeatm,(407)

420-5685or@bobmoser333.FollowGrowthSpotteronFacebook,Twitterand LinkedIn.