CHAMPIONS VUE APARTMENTS
PHASE 1: CLASS A APARTMENT COMMUNITY
The proposed community will consist of attractively priced apartments with resort style amenities on the site which is located only minutes to most of the area’s largest employers. The primary objective of the Project is to build and operate a new upscale, multi-use Apartment Community in Davenport, Florida to target projected demand for rental community in this region.
The proposed, multi-use development, set to break ground in 2015 in the Orlando-adjacent, Polk County town of Davenport, Florida. This Project is designed as a response to rapid residential and commercial development in the county over the past decade, with the largest growth occurring in Davenport and the nearby Haines City.
The 326 upscale residential units will be housed among (7) four-level apartment buildings and (9) two-level carriage buildings. Carriage buildings are popular options for those who require the additional storage that a garage has to offer and those renters who prefer more peace and quiet, as they only share walls to the sides and not above or below. Units will range in size from 750 to 1315 square feet and include as standard features: upscale island kitchens with wood cabinets, solid surface countertops, and a full stainless steel appliance package; high efficiency washers and dryers; hardwood floors; custom vanities; walk in closets; trendy track and pendant lighting and more.
Although residential and commercial building has seen a major increase in the Polk County area over the past 5-10 years, the building site is still in a relatively undeveloped area and does not benefit from as many nearby modern conveniences as apartments or condominiums in urban or highly developed suburban areas. The inclusion of high quality amenities, as well as the 60,000 square feet of commercial and retail space set this Project apart from competitors that are strictly residential by creating a full lifestyle experience on one property. Specific amenities to be included on premises include:
- A clubhouse including a 1,400 square foot, luxurious infinity pool;
- An “inland beach” with hammocks, cabanas, high quality lounge furniture and outdoor kitchens;
- A large fitness center, equipped with various cardiovascular machines, weights, strength training equipment and a yoga room;
- A business center with WiFi, tea and coffee stations and a conference/meeting room;
- Club and entertainment rooms with billiard tables, foosball, televisions and comfortable lounge furniture;
- Lush outdoor space, including a Zen garden, walking trails and park benches.
During the last ten years, the area has experienced significant residential growth, primarily in the communities of Haines City and Davenport, as well as to the south, proximate to the Interstate 4 corridor. The demographic information presented earlier indicated an annual compound growth rate of 4.8% for the subject’s 3 mile radius over the past 3 years. The areas to the south of the subject along the U.S. 27 corridor and to the east in the Championsgate/Reunion area have seen an influx of commercial development over the past 5-10 years.
Reunion is a large, upscale residential resort located to the east of the subject, which offers both Single and multifamily homes and short term vacation rentals. The community consists of 2,300 acres, with 5,000± accommodations (1,500 Single-family, 3,500 multifamily). There are three golf courses within Reunion, designed by Arnold Palmer, Tom Watson, and Jack Nicklaus, consisting of 54 holes. In addition to the golf courses, there is a 10,000 square foot clubhouse and a 5-acre multi-level water park, tennis facilities, spa and fitness facility, horseback riding and miles of nature trails.
Champions Gate is also a major development in the market area located to the west of Reunion on the west side of Interstate 4. The development was originally approved in 1995 and totals approximately I ,500± acres and is centered around the Omni resort hotel and the two Greg Norman designed I5- hole golf courses (National & International).The development allows for up to 350,000 square feet of retail, 98,000 square feet of office space, 1,970 residential units (both single- & multi-family) and 1,879 hotel rooms. New development in the project includes a 55,000± square foot convention center that was recently completed just north of the Omni hotel. Additionally, there is a proposed 122-room Hampton Inn to be located just north of Interstate 4, and eight (8) sports fields have be constructed at the southern portion of the development along the north side of County Road 54.
Additionally, in November 2012 Lennar Homes and RIDA Development (Champions Gate developer) reached an agreement to combine Champions Gate with Lennar’s Stoneybrook South Residential Development located to the immediate east of the subject. This project will reportedly total nearly 5,800 residences, consisting of up-scale Single-family homes, townhomes, condos and short-term rentals.
Providence is located further southeast of the subject, southeast of Interstate 4 in Davenport. This project is one the largest mixed-use developments in the market that is planned for 4,557 residential units, and 315,000 square feet of commercial space. This master planned community began development in 2005 and provides for upscale residential development, while still maintaining ease of access to the Orlando demand generators. The gated development’s (manned 24-hours) amenities are centered around an 18-hole championship golf course designed by Michael Dasher. The clubhouse has a restaurant, bar and pro-shop, as well as a resort-style and a lap pool. The majority of homes are Single-family in nature and range from modest to estate style.
The Posner Center, which is located at the southeast quadrant of Interstate 4 and U.S. Highway 27 (approximately four miles south of the subject), represents another major area of development. This center represents a portion of phase I of III, of the Victor Posner City Center DRl. In total this DRI encompasses 620± acres and is approved for the development of 1,991 residential dwelling units, 1.4 million square feet of retail and commercial space, 1.1 million square feet of office related uses and 2,600 hotel rooms. Phase I of this DRI consist of approximately 365± acres and has approvals for 26S residential dwelling units, 703,000± square feet of retail and commercial, 573,000± of office use and 626 hotel rooms. It was originally scheduled to be complete in March 2013, but has been delayed significantly due to economic conditions. To date, approximately 630,000 square feet of retail space has been developed. Existing tenants in Posner Center include Best Buy, Target, J.C. Penney, Dick’s Sporting Goods, and many other national tenants.
The market segments of Lakeland-Winter Haven MSA’s economy include tourism, health care, retailing, wholesale, and distribution. Polk County’s major agriculture business is citrus. In Polk County, and the subject’s market area, citrus production is one the primary industries. The area is known worldwide for its distribution of processed juice and other citrus related products. According to information provided by the US Department of Agriculture, Polk County consistently produces around 30 million boxes of citrus annually. This level of Citrus production typically accounts for about 15% to 20% of the states total, and makes Polk County the largest citrus producing county in the state.
The headquarters of Publix Super Markets is located in Lakeland to the southwest of the subject. Publix is the area’s largest private employers with 9,300± employees. In addition, the new University of South Florida Polytechnic campus is under construction 5± miles southwest of the subject property at the Interstate 4 and Polk Parkway intersection. Construction began in mid-2012 and the first phase was completed in 2014.The $35 million campus is anticipated to create an additional 36,610 jobs and have an estimated annual economic impact of $3.2 billion.
Another major demand generator in the MSA is the $300 million Legoland Park, which opened in October 20 I I. This amusement park is located to the south of the subject’s area, in Winter Haven. Legoland offers interactive attractions, family rides, shows, restaurants, and shopping; it is specifically geared for families with children ages 2 to 12. It must also be noted, that the new Legoland water park also recently opened in mid-20 12.
Finally, the CSX Intermodal Logistics Center broke ground in November 2012 and began operations in May 2014. Intermodal transportation is the movement of consumer products and parcels using a combination of truck-to-rail-to-truck. CSX has a fully permitted 318-acre site located in southern Winter Haven at State Road 60 and Old Bartow Lake Wales Road that will enable CSX to better serve customers in Orlando, Tampa and south Florida. The Orlando and Sanford intermodal facilities will be relocated and centralized into this new larger CSX facility. Furthermore, this development represents Phase I and is surrounded by an additional 930± acres that CSX retains an option on to purchase from the City of Winter Haven. The remaining 930± acres is expected to be developed with additional industrial uses including distribution centers, warehouses and manufacturing facilities. Upon full build out, this development is expected to bring approximately 8,500 new jobs and $10 billion in economic development to the Polk County area.
On a micro level, the primary employment centers in the neighborhood consist of the retail and commercial businesses concentrated along the primary commercial corridors within the market area, including the roadways discussed previously. The primary demand generator for the subject’s immediate area includes Champions Gate Golf Resort, which is located to the near east of the subject, as well as the Posner Center located to the south near Interstate 4. The subject property is located between the Davenport area to the south and the ChampionsGate I Kissimmee I Disney areas to the northeast. The subject’s location in relation to these tourist attractions are positive, as development of new vacation homes and supporting residential development has occurred and is expected to continue into the future as market conditions gradually improve. It is expected the tourism influences near the subject property will continue to be the primary driver for the surrounding area and continue to be the primary employment driver for residents moving forward. The subject’s area is considered a commuter area, and based on reports, most of the potential residents in the area will travel Bay Lake / Disney and SeaWorld / I-Drive Work Census Tracts.