Unicorp to build new Horizon West project near Orlando
Chuck Whittall’s Unicorp National Developments Inc. remains busy in Orange County’s fast-growing Horizon West region, with a new project to build 250 apartments entering its pipeline.
Why this matters: Residential and retail growth in Horizon West continues to boom, with new developments adding to the list of potential opportunities for contractors and subcontractors. More apartments are needed in the area to help meet surging renter demand. A request to rezone 13.83 acres at 14331 Avalon Road in southwest Orange County was filed Nov. 1 with Orange County.
The request seeks to rezone the land as the Sutton Grande Planned Development and to create entitlements for up 250 apartment homes.
Sutton Grande LLC, an entity related to Whittall and Unicorp, is the owner of the land and Erika Hughes, in the Orlando office of planning firm VHB, is acting as applicant and agent on the landowner’s behalf.
Executives for Unicorp and Hughes were not available for comment in time for publication.
Preliminary plans included in the filing note the apartments to be built there would rise no higher than four stories in height. The project could cost $62.5 million to build, based on industry standards.
Unicorp bought the vacant property June 14 for $7.5 million, Orange County records show.
The developer has been active elsewhere in the Horizon West region, as well.
Unicorp’s The Mark at Horizon West retail center on Seidel Road is commanding high tenant rents and recently saw a Huey Magoo’s restaurant open its doors there.
Near that, at the corner of Seidel Road and Avalon Road, Unicorp paid $6.57 million for 16.8 acres where it has plans for a luxury apartment community.
Also nearby, but outside of Horizon West, is the developer’s $1 billion-plus O-Town West mixed-use development, which Whittall recently told OBJ will be pursuing a new “super-luxury” apartment project to be named The Luxe at Dr. Phillips.
As for the multifamily growth in Horizon West and southwest Orange County, Scott Ramey, an executive managing director for Newmark, previously said the area is attractive to residents — and therefore also is attractive to investors.
“It’s all fueled by accessibility. People are gravitating to this area because of the newness, but you also have the benefit of really strong connectivity throughout metro Orlando.”
Meanwhile, the Unicorp project in Horizon West would rise within the I-Drive Orlando multifamily submarket. According to CoStar Group, the submarket has an average monthly apartment rent of $1,945 and a 7.1% average vacancy rate — both above metro Orlando’s overall $1,810 and 5.6%, respectively — according to CoStar Group.
The I-Drive Orlando submarket is also the region’s busiest for apartments, with 1,313 units delivered in the past 12 months and another 6,654 under construction.