ORLANDO, FL--(Marketwired - Oct 31, 2014) - Wood Partners and the Ustler Group of Companies have completed Phase I construction and are now leasing at The Ivy - Residences at Health Village, a 248-unit urban apartment home community on 3.4 acres in Florida Hospital Health Village located in downtown Orlando. Wood Residential Services is managing the property.
The site is part of Florida Hospital's 172-acre Health Village, a mixed-use, transit-oriented, master-planned urban development. One of Florida's largest hospital complexes, Florida Hospital Health Village is home to hospital and medical-related facilities, administrative offices, commercial uses, residential communities, a hotel and Adventist Health University. The Ivy contributes to the hospital's healthy-living mission with thoughtful urban design and responsible development.
"The Ivy provides new, well-located and cost-effective housing, enabling Florida Hospital to attract and retain high-quality medical personnel and employees," said David Thompson, director for Wood Partners in Florida. "This community will be a great addition to downtown Orlando, where new venues such as the renovated Orlando Citrus Bowl and the Dr. Phillips Center for the Performing Arts are drawing more potential residents."
The Ivy is the first true transit-oriented development project to open in Orlando since the SunRail commuter rail system began service. A SunRail station near the site offers easy access to Winter Park and Maitland to the north, as well as downtown Orlando and Sand Lake Road to the south. The Ivy is also very close to College Park, Loch Haven Park, Mills Park, Ivanhoe Row and the Mills/50 District.
"The Ivy fills a big need by providing a mixed-use, transit-oriented urban neighborhood that integrates perfectly with Florida Hospital's overall vision of creating a community that fosters health and wellness," said Ustler Group's president, Craig Ustler.
The Ivy includes two mid-rise buildings with 248 one-, two- and three-bedroom units averaging 941 square feet, as well as an integrated parking garage. Interiors feature granite countertops, ENERGY STAR®-rated stainless steel appliances, high-quality ceramic flooring and wood plank flooring, full-size washers and dryers and modern lighting fixtures. Community amenities include a cyber café, resort-style pool with multi-level deck and cabanas, 24-hour fitness center, yoga and Pilates studio, billiards room and community wide secured-access system.
"With a population of 2.15 million, metropolitan Orlando is projected to be one of Florida's fastest-growing areas over the next five years," said Goldie Bartlett, south region senior vice president of Wood Residential Services. "Despite high rents and occupancies for competitive projects, a historically low number of new apartment units have been built within the metro area. The Ivy is meeting the demand for new, quality product in the marketplace which is evidenced by a strong show of interest from the local community."
Atlanta-based Wood Partners is one of the nation's leading multifamily housing developers. Ustler has been the leading urban infill developer in downtown Orlando for the past 15 years. Baker Barrios was the design architect, Charlan Brock & Associates is the architect of record and Wood Florida Builders is the general contractor. GAI Consultants is the civil engineer, and Libra Design Group Inc. is the landscape architect.
According to the National Association of Home Builders' formula to determine the local impact of multifamily housing in typical metro areas, adding 248 rental apartments will generate nearly $19.5 million in local income, $2 million in taxes and other revenue for local governments and 302 local jobs.
About Wood Partners
Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. It ranks consistently among the top five multifamily developers in the country. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the acquisition and development of more than 53,000 homes with a combined value of more than $8.3 billion nationwide. The company currently owns more than 75 properties with a combined total of 21,000+ units. Wood Partners has offices in 18 major markets nationwide including Atlanta, Austin, Baltimore, Delray Beach/South Florida, Boston, Charlotte, Chicago, Dallas, Denver, Houston, New York, Southern California, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, and Washington, D.C. To learn more about Wood Partners, please visit our website, www.woodpartners.com.
About Ustler Group
The Ustler Group of Companies consists of various commercial real estate development, brokerage, ownership, management and investment entities. The Ustler Group is led by Craig Ustler, MAI, CCIM with partners Tom Ustler, CRE and Brooke Myers. Our work is focused on downtown Orlando and its urban development opportunities. Notable projects include Creative Village, Residence Inn by Marriott - Downtown Orlando, the GAI Building and 801 North Orange. Please visit our website at www.ustler.net.