In a recent article published in the Orlando Business Journal, a $30 million, three-building, 264-unit apartment complex at 10735 Moss Park Road as part of the East Park Village Center project was submitted for building permit, making it the biggest construction permit sought this year in Orlando. Onicx LLC is the developer on the project, and The Lunz Group is proud to be working alongside the team to design the project.
Onicx LLC’s Lake Nona Medical Center Development LLC bought the land for the future project for a combined $7.7 million in March 2013. In January of 2019, Onicx sought approval to move forward with the East Park Village Center on roughly 23 acres just west of SR 417 and east of Winding Way Blvd.
New apartment construction is important, fulfilling one of Maslow’s Basic Needs. In the Orlando market specifically, 60,000 new residents moved to the area in 2020, earning the number three spot among the list of fastest growing metros in the nation.
According to the Orlando Business Journal, The Lake Nona apartment submarket was going for an additional $171 per rental, illustrating demand for apartments in the area. In addition, the submarket’s average apartment complex vacancy rate was 10.1%, which was near the Orlando-area average of 9.2%.
To read more about the project, click here.