PCCP, Fore Property Company to Develop Multifamily Community
The joint venture 352-unit development is situated in the Orlando submarket of Winter Garden, FL.
ORLANDO, FL – PCCP LLC and Fore Property Company have announced plans to develop a 352-unit multifamily community in Winter Garden, FL.
The Class A multifamily community, titled The Westerly, is situated on 15.8 acres of land at 13324 Flamingo Crossings Boulevard, located 23 miles southwest of downtown Orlando. Positioned in Orlando’s I Drive submarket, the site sits adjacent to Walt Disney World’s 500-acre Flamingo Crossings, which is currently under development.
The joint venture development, projected to be completed by late 2020, consists of six, four-story buildings and 655 parking spaces. The garden-style project will provide eight studio units, 144 one-bedroom units, 160 two-bedroom units and 40 three-bedroom units; averaging 991 square feet per unit. The site will feature a 9,000-square-foot resort-style clubhouse, comprised of a lounge, 24-hour fitness center, dry sauna, co-working office space, conference room and leasing center. The common space will also feature multiple patios, a pool, grilling stations and an overlooking outdoor deck. Additionally, a recreational annex building will be located on site, offering a function space, pet spa, gaming room and mailroom. The property will include outdoor amenities such as fitness trails, a dog run and a designated pet exercise area.
The development will serve as the first LEED Silver-designed project within the submarket.
The companies hope to capitalize on Orlando’s job and population growth. Orlando MSA’s current population of 2.5 million has increased 51% since 2005. The area’s job growth has also led the nation for four consecutive years at a 3.3% rate, nearly double the US average.
PCCP LLC, founded in 1998, is a real estate finance and investment management firm that specializes in commercial real estate debt and equity investments. The company currently holds $9 billion in assets under management, with offices across the US.
Fore Property Company has a 25-year history as a developer, builder and owner of multifamily communities nationwide. The company has led many projects in the greater Orlando region.