ORLANDO-Boston-based Wilder Cos. is going with Atlanta-based Wood Partners to build the 200-unit condominium component of its planned $75-million Rialto project. The 350,000-sf mixed-use project will rise on a prime 13-acre Sand Lake Road tract in south Orlando. Terms of the deal were not disclosed.
Wood was selected because of its track record in Georgia development circles, says Wilder principal David J. Mallen. "The Rialto is a unique project and it takes a special home builder to fulfill our vision to create a vibrant place where people can live, work, shop and dine," Mallen says. Ground-breaking and completion dates for the condos were not disclosed.
In Wood, Wilder is getting one of the most active condo and apartment developers in the Southeast, according to GlobeSt.com research. The company has completed 80 multifamily projects containing 23,000 condos and apartments and aggregately valued at $2.6 billion, according to Mallen.
In Orlando, for example, Wood Partners is constructing the $50-million Solaire at the Plaza, a 21-story, 306-unit luxury condo community atop a $15-million, nine-story parking garage. This project will rise at the $140-million, 30-story, three-building Premiere Trade Plaza campus Downtown.
Besides condos, Wilder's Rialto project will have about 100,000 sf of retail among 20 shops and restaurants and 48,000 sf of office space in the fast-developing Dr. Phillips residential-commercial area. Wilder bought the 13-acre development site in May from LM Orlando Hospitality Inc. for $9.3 million or $715,385 per acre ($16.42 per sf). The site had housed a 30-year-old, 695-room Days Inn that was foreclosed on by the lender, as GlobeSt.com previously reported.
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