American Landmark, December Start of development in Orlando
Reproduction of Deseo Grande. Image courtesy of American Landmark Apartments and Dezer Development
Construction has begun on Deseo Grande, a $ 78 million class A luxury A residential community in Orlando, Florida and is being developed in a joint venture between American Landmark Apartments and Dezer Development. Completion of the 365 unit property is scheduled for April 2022 and will be American Landmark’s first community built from scratch.
The community is being built at 5250 International Drive and is adjacent to Dezerland Park Orlando, an indoor attraction on the former Artegon Marketplace. Michael Dezer, principal at Dezer Development, the company also behind Dezerland Park Orlando, said in a prepared statement that Deseo Grande’s high-end rental residences will complement the attractions and retail in the hall.
Deseo Grande will have a five-story building and four-story parking garage on 6.5 acres. Plans call for one-, two-, and three-bedroom apartments, ranging in size from 754 square feet to 1,250 square feet. Features include 9-foot ceilings, walk-in closets, stainless steel appliances and quartz countertops, washer-dryers in the unit, and patios or balconies. Community amenities include a central courtyard with a resort style swimming pool, BBQ area, fitness center, pet spa and bark park. Rents are expected to range between $ 1,500 and $ 2,400 per month. Pre-leasing is scheduled to begin in July 2021.
American Landmark owns and operates more than 33,000 garden-style apartments throughout Florida and the Southeast. CEO Joe Lubeck said in preliminary remarks that working with Dezer Development has given the company an unprecedented opportunity to be part of the repositioning of the former Artegon marketplace into a dynamic, mixed-use community. He said Deseo Grande will be the crown jewel in the company’s portfolio.
When asked if American Landmark would seek more foundation work, Lübeck told Multi-Housing News the company will likely restrict new construction.
“We will only consider the best options with full claim. Here we worked with a well-known friend and former partner, Dezer Development, and this was a unique, world-class location, ”Lübeck told MHN.
The design team consists of general contractor BCC Construction Group, Baker Barrios Architects and VHB Engineering, all from Orlando.
Active in Florida
Both joint venture partners are active in Florida. In March, Dezer Development and The Related Group discussed the opening of their new branded property with MHN – Residences by Armani / Casa, a luxurious water tower with 308 residential units on Sunny Isles Beach in Miami. Developers had repaid a $ 315 million home loan, and the 56-story building was nearing its planned $ 1 billion sale.
In August, American Landmark acquired The Vinings in Palm Bay, a 320-unit community southeast of Orlando in Palm Bay, Florida. The company renamed the asset The Braxton and planned capital improvements of approximately $ 3 million.