June 22, 2016 | By Jennifer LeClaire
Allen Morris Company just broke ground on a $68 million mixed-use project in Maitland, FL, an Orlando suburb. Maitland City Centre is the city’s first true urban, live-work community. The news comes in the wake of Oveido’s mixed-use project announcement.
Allen Morris formed a joint venture with Lamm & Company Partners and Millenia Partners to build the project. SunTrust and TD Bank are providing financing.
“Orlando as a region, and certainly Maitland included, are experiencing very positive growth, with many new businesses moving to the area,” W. Allen Morris, chairman and CEO of Allen Morris Company, tells GlobeSt.com. “To meet the growth, they not only require housing, but the full spectrum of a live-work-play lifestyle. To that end, Maitland has always been a great place to live, and now, we believe the time is right for a development like Maitland City Centre as it will reinvigorate Maitland’s downtown into an authentic and energetic experience.”
Maitland City Centre aims to create a sense of place where everyone from Millennials, to families and empty nesters can enjoy a true urban lifestyle.
The development will bring an enriching lifestyle that will meet the needs of both existing and new residents,” Morris says. “It will establish a new paradigm for urban-style living in Maitland, a place where residents can enjoy the accessibility of a well-rounded experience right at their fingertips.”
One finished in about 20 months, Maitland City Centre will offer about 35,000 square feet of retail and restaurant space within a six-story building that spans a three-acre full city block. More than half of the retail component is already leased to tenants including Starbucks, Subway, Renaissance Med Spa, and Nava Pets.
On the residential front, Maitland City Centre’s Mission-style architecture will be home to 220 one- and two-bedroom multifamily units and 24 live-work units. Units range from 700 to 1,300 square feet with prices running $1,300 to $2,400 per month.
“Contrary to what a number of people thought about development in the City of Maitland, we strongly believed there was a void in the submarket given its extraordinary demographics, community passion and loyalty,” says Brian Grandstaff, principal of Millenia Partners. Maitland City Centre marks The Allen Morris Company’s 82nd development.
Read article here: http://www.globest.com/sites/jenniferleclaire/2016/06/22/maitland-seeing-rise-of-68m-mxd-city-centre/?kw=Maitland%20Seeing%20Rise%20of%20%2468M%20MXD%2%200City%20Centre&cn=20160622&pt=Atlanta&src=EMC-Email&et=editorial&bu=REM&slreturn=20160523110440