A joint venture including two Atlanta firms and an Orlando firm plans to break ground this week on a $63 million luxury high-rise apartment complex in downtown Orlando.
Atlanta-based Novare Group Holdings LLC and Batson-Cook Development Co. along with Orlando-based Palmetto Realty Advisors announced they secured financing and issued a notice to proceed on the 23-story, 320-unit apartment complex, dubbed SkyHouse, near the Orange County Courthouse.
An investor account advised by the U.S. real estate business of UBS Global Asset Management is providing construction and permanent financing for the project, said a news release. NGI Investments LLC and Batson-Cook Development Co. provided equity. Robert LaChappelle, Jonathan Rice and Paul Berry of the Atlanta office of CBRE Inc. advised on financing.
The project — on Livingston Street and Magnolia Avenue, just two blocks from Lynx Central Station and one of downtown’s planned SunRail commuter rail stops — also will include 9,000 square feet of ground-level retail, an eight-level parking garage and the venture is donating a 0.12-acre piece of the site fronting Livingston Street to the city for a pocket park.
See more details on the project in Orlando Business Journal’s May 25-31 print edition or subscribers can see the digital version here.