(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)

ORLANDO—Downtown Orlando will soon see ground break on a $63 million luxury high rise multifamily building dubbed SkyHouse Orlando. A joint venture between Novare Group, Batson-Cook Development Company and Palmetto Realty Advisors is building the multifamily project at Livingston Street and Magnolia Avenue.

“The market is there,” Jim Borders, president of Novare Group, tells GlobeSt.com. “There has been a dearth of apartment development in Orlando over the past three years, and the market has some catching up to do with regard to supply.”

Borders added that the developers like to build into a fully occupied market. What’s more, he adds, young people who did want to buy a condominium five years ago now want to lease in order to maintain their mobility. He sees strong psychographic and demographic trends behind the joint venture.

SkyHouse Orlando, an Energy Star-rated 23-story, 320-unit tower, marks the second collaboration between Novare Group, BCDC, and UBS Global Asset Management. NGI Investments and an investor account advised by UBS is providing construction and permanent financing for the multifamily project. CBRE advised on the financing.

Modeled after SkyHouse Midtown in Atlanta, the multifamily project sits on the downtown LYMMO transit route and is less than two blocks from the proposed SunRail addition to LYNX Central Station, part of Central Florida’s $1.3 billion commuter rail line. The multifamily high rise will feature 9,000 square feet of street level retail shops.

SkyHouse Orlando is also close to Lake Eola, as well as a critical mass of Downtown Orlando residential communities. The developers are part of creating what John Builder, president of Palmetto Realty, calls “one of the best walkable districts in the southeast.” The nearby development of the SunRail station at LYNX Central Station and the potential of the Creative Village, he says, will only make it better.