Allen Morris Co., real estate development giant, is constructing a $68 million mixed-use project in Maitland, Florida. The development, which Morris plans to complete in 2018, will include 220 residential living spaces as well as 35,000 square feet of retail and restaurant space.
Unlike many central Florida shopping centers, the project will be relatively compact, in the form of a 6-story building with a foot print of only three city-blocks. Available units within the complex will range from 700 to 1,300 square feet with rents ranging between $1,300 and $2,400 a month.
Multiple retailers, restaurants, and other buyers like Starbucks, Subway, and Renaissance Med Spa have already announced plans to rent space in the Centre, with many more expected to follow.
The Maitland area, located about 10 miles North of Orlando, has a population of about 17,000 with the average owner-occupied house valued around $300,000. About 43% of Maitland’s residents rent their homes with a median rent of about $1,300. Morrison’s Maitland City Centre will be located close to city hall, in Maitland’s busy downtown area.
Suntrust, and TD bank are financing the project that which being spearheaded by a joint venture partnership between Allen Morris, Lamm & Co. partners, and Millenia Partners.