Crescent Communities says it has purchased a 14.8-acre site for a new multifamily community in the Orlando suburb of Lake Mary.
Construction will be handled by Doster Construction with LRK, Inc. acting as lead architect, and Madden, Moorhead, & Stokes, LLC as civil engineers. Landscape architecture is being performed by Dix Hite and interior design by CID Design Group.
NOVEL Parkway by Crescent Communities at 5065 Wilson Rd. will include 325 for-rent residences with two additional parcels offering up to 13,900 sq. ft. of retail and 29,500 sq. ft. of commercial and office, respectively, the developer said in an August statement. This marks the fifth investment in the Orlando market by Crescent Communities.
“Crescent Communities looks forward to bringing NOVEL Parkway to the Lake Mary area,” said Tim Graff, Managing Director of Florida for Crescent Communities. “The community is thoughtfully designed for residents to take advantage of Florida’s diverse array of outdoor experiences, in addition to offering luxury spaces and amenities that create a sense of connection with the environment.”
Crescent Communities and an affiliate of financial partner Heitman LLC, a global real estate investment management firm, purchased the land in June 2021. Construction financing is provided by Wells Fargo with construction commencing in July 2021 and first residences scheduled to be delivered in late 2022.
“Significant demand remains for well-located, high quality residential space and we look forward to working with a best-in-class developer to bring these high-quality residences to the Orlando market,” said Brian Pieracci, Heitman managing director and head of North American Acquisitions. “Demand for the residential sector is underpinned by secular and demographic shifts, providing a layer of resiliency to our portfolios in times of volatility.”