ORLANDO—Orlando is seeing yet more multifamily development with Crescent Gateway. Crescent Communities just broke ground on the luxury multifamily community, the first phase of Gateway, an 80-acre, mixed-used project in the Altamonte Springs submarket.
“Altamonte Springs is already an important piece of the Orlando area’s job market, but the demand for superior office and retail space will only continue to grow,” says Jay Curran, vice president of Crescent’s multifamily group. He says the Crescent Gateway project fits the firm’s model of creating strong lifestyle experiences in strategic locations.
Crescent Gateway works to offer an urban appeal. The 249-unit multifamily community sits just east of the new Adventist Health Systems headquarters at the intersection of Maitland Boulevard and state Route 434.
The apartment complex will offer studios and one and two-bedroom apartment homes in elevator-served, four-story buildings. Three-bedroom units and two-story townhomes with attached garages target families.
Future plans for the Gateway development include 300,000 square feet of office and retail space. A hotel, which would bring more jobs and tourists to Altamonte Springs, is also under discussion.
Crescent Gateway is financed by an equity investment from Crescent and CNL Growth Properties. PNC Bank is offering construction financing.
Crescent Multifamily Construction is the general contractor. Charlan Brock and Associates is the project architect, DRMP is the civil engineer and Dix.Hite + Partners is the landscape architect. ZRS is the property manager. Vignette Interior Design is the interior designer.