According to a release out of Creative Village, funding has come through for their first market-rate apartment building.
SunTrust Robinson Humphrey has arranged a $66 million loan for The Allen Morris Company and Ustler Development, Inc, the team behind the estimated $108 million Creative Village Parcel M Apartments project.
This specific project consists of a Class A, 14-story, 409-unit market rate apartment project that will be located on a 1.6-acre site across the street from the UCF and Valencia Downtown campuses slated to open in 2019.
Amenities included in the plans range from indoor and outdoor socialization areas, a rooftop swimming pool, amenity deck, clubhouse and fitness center, dog wash, and a 2.5-acre Central Park to be created across the street.
Each residential floor will include a “collaboration space” for students to use as co-working and conference rooms. Rumors of a beer hall in the building persis but a formal announcement of any sort of retail presence has not been made at this time.
The Creative Village Parcel M Apartments is expected to be completed in mid-2020.