Construction has commenced on the $53 million Novel Parkway apartment project that recently broke ground in Sanford, Florida. It will be developed on a 14.8-acre site in the Lake Mary community which was purchased in June 2021, by Crescent Communities and an affiliate of financial partner Heitman LLC, a global real estate investment management firm.
Located at 5065 Wilson Road, at the intersection point of International Parkway and Wilson Road, northward of the Wekiva Parkway interchange, the Novel Parkway Community project will cover the development of 325 multifamily apartments, along with 13,900 SF of retail space and 29,500 SF of commercial and office space, on two additional parcels.
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According to Tim Graff, the Managing Director of Florida for Crescent Communities, the community was not only intended to provide luxury spaces and amenities that create a sense of connection with the environment; it was also intentionally designed in a way that enables residents to take advantage of the diverse array of outdoor experiences in Florida.
The Novel Parkway apartment project will occupy over 10,000 square feet of both indoor and outdoor amenity space. It will also offer residents the option of one-, two-, and three-bedroom layouts with high end finishes and amenities, as well as shared areas which include a dog park, swimming pool and fitness area. The expected date for the first residences has been scheduled for delivery in late 2022.
Other companies involved in the Novel Parkway Community project include Doster Construction, who are in charge of construction; LRK Inc., as the lead architect; Madden, Moorhead & Stokes, and LLC serving as the civil engineers; Dix Hite handling Landscape architecture; CID Design Group serving as the interior designers, and construction financing is being provided by Wells Fargo.
The Heitman Managing Director and Head of North American Acquisitions, Brian Pieracci was also supportive of the Novel Parkway Community project and he pointed out that there was still a significant demand for quality residential spaces in choice locations.
Pieracci said, “We look forward to working with a best-in-class developer to bring these high-quality residences to the Orlando market.
