Construction Begins: City Center West Orange
With infrastructure construction underway, developer Park Development Corporation expects to begin Ocoee’s City Center West Orange in just three months.
by: Michael Eng
Park Development Corporation has coined a phrase for City Center West Orange, a $150 million mixed-use project: Close to everything that matters. Indeed, the project’s location — on about 60 lakefront acres along Maine Street, east of South Bluford Avenue and north of West Colonial Drive — is just a few minutes from State Road 429, State Road 408 and Florida’s Turnpike.
And with infrastructure construction already taking place at the site, PDC CEO David Townsend said construction should begin in February 2016.
“The site is across from a major hospital in the growing community of Ocoee,” he said. “City Center is 15 minutes from Disney, Downtown Orlando and the Orange County Convention Center.”
The project’s phase one will include 500 multifamily units, 150,000 square feet of retail/restaurant, 50,000 square feet of office and a new Hilton Garden Inn. Grand openings should begin in late 2017, Townsend said.
At buildout, the project will feature 2,000 apartments/condominiums (under the name 29 Palms at City Center) and 500,000 square feet of retail, which includes a theater, restaurants a grocery store and shops.
Four residence options, ranging in size from 696 to nearly 1,300 square feet, will be priced from $170,000 to the mid-$200,000s.
ABOUT THE DEVELOPER
Orlando-based Park Development Corporation dates back to 1977, when David Townsend started in the real-estate and finance industries.
Since its inception, PDC has developed numerous real-estate projects, which include apartment complexes, office building centers, retail lifestyle centers, hotels and condominiums.
Townsend currently has 2,800,000 square feet of mixed-use product, including retail, office and apartments, under development. He also has been involved with the architectural design and the implementation of complete marketing programs on several projects.
Townsend said he expects the project to attract buyers who seek that live-work-play lifestyle. Furthermore, he believes City Center West Orange complements the building boom West Orange is experiencing in Horizon West.
“Millenials and empty nesters,” he said of his anticipated clientele. “Unlike downtown, City Center West Orange offers shopping, entertainment, grocery, medical offices, etc. — all within a short walk from your front door.”
Earlier this year, City Center West Orange also received approval from the United States Citizenship and Immigration Services as an EB-5 regional center project. Under this designation, qualified foreign nationals who invest $500,000 in City Center West Orange can receive green cards for themselves and their immediate families to work and live anywhere in the United States.
Investors must prove the money comes from legal sources, and the money must create 10 American jobs for 24 months.
The conditional green card is valid for two years. After that time, a petition is submitted to the USCIS confirming the investment has been made and that 10 jobs have been created as a result. Once USCIS approves that petition, the green card is valid permanently.
Townsend said he is pleased with the results of the EB-5 designation so far, with most interest coming from the South American and Asian markets.
City Center West Orange’s residential component, called 29 Palms at City Center, will feature four different floor plans that range in size from 696 to nearly 1,300 square feet and be priced from $170,000 to the mid-$200,000s.
The Majesty, a three-bedroom, two-bath unit, is the largest at 1,237 square feet.
The Queen, 1,076 square feet, features two bedrooms, two baths and a den.
The Royal features two bedrooms, two baths and a den in its 1,167 square feet.
The 696-square-foot Sable is a one-bedroom, one-bath home