{"id":1004050440,"date":"2012-09-17T10:58:17","date_gmt":"2012-09-17T18:58:17","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=68670"},"modified":"2020-04-07T11:12:14","modified_gmt":"2020-04-07T19:12:14","slug":"jv-brings-skyhouse-apartments-concept-to-orlando","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jv-brings-skyhouse-apartments-concept-to-orlando\/","title":{"rendered":"JV Brings SkyHouse Apartments Concept to Orlando"},"content":{"rendered":"<p style=\"text-align: justify\"><em>By Georgiana Mihaila, Associate Editor <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/09\/SkyHouse-Orlando-rendering.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-68671\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/09\/SkyHouse-Orlando-rendering.jpg\" alt=\"\" width=\"237\" height=\"300\" \/><\/a><\/em><\/p>\n<p style=\"text-align: justify\">Novare Group and Batson-Cook Development Company, the joint venture behind Atlanta\u2019s SkyHouse Midtown Apartments, has now teamed up with Palmetto Realty Advisors in order to bring the SkyHouse concept to Orlando.<\/p>\n<p style=\"text-align: justify\">Modeled after the Atlanta project which broke ground in January, SkyHouse Orlando is a 23-story, 320-unit apartment tower that will rise at Livingston St. and Magnolia Ave. With the location set on the downtown LYMMO transit route, SkyHouse Orlando will also be two blocks from the proposed SunRail addition to LYNX Central Station\u2014part of Central Florida\u2019s $1.3 billion commuter rail line.<\/p>\n<p style=\"text-align: justify\">According to <em>Citybizlist<\/em>, the development will also feature 9,000 square feet of street level retail shops, while a portion of the acquired land will be donated to the city and built out by the venture as a city \u201cpocket park\u201d fronting Livingston Street. A completion date has been set for the third quarter of 2013.<\/p>\n<p style=\"text-align: justify\">Construction and permanent financing for the project is being provided by an investor account advised by the U.S. real estate business of UBS Global Asset Management, while NGI Investments, LLC, and Batson-Cook Development Company are providing equity. The Atlanta office of CBRE advised on financing for the project whose costs of development are estimated at $63 million. Smallwood, Reynolds, Stewart, Stewart will serve as <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/09\/orlapt.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-68672\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/09\/orlapt.jpg\" alt=\"\" width=\"300\" height=\"283\" \/><\/a>architect.<\/p>\n<p style=\"text-align: justify\">In the Orlando metro area, projects containing 11,300 units are lined up in the planning pipeline, although few start dates have been reported. Nevertheless, in 2012 developers will complete approximately 1,000 units\u2014an increase from 2011, but a level low below the average 2,200 units produced annually in the five years before the recession\u2014points out a recent Marcus &amp; Millichap report.<\/p>\n<p style=\"text-align: justify\">For more market data on Orlando, <a href=\"https:\/\/www.multihousingnews.com\/market-data\/market-snapshot-vacancy-in-orlando-falls-to-lowest-level-in-six-years-new-development-stagnates\/1004057787.html\" target=\"_blank\" rel=\"nofollow\"><strong>click here.<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Novare Group and Batson-Cook Development Company, the joint venture behind Atlanta&rsquo;s SkyHouse Midtown Apartments, has now teamed up with Palmetto Realty Advisors in order to bring the SkyHouse concept to Orlando.<\/p>\n","protected":false},"author":1269,"featured_media":1004507102,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1493],"tags":[1815,39399],"class_list":["post-1004050440","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-orlando","tag-national","tag-orlando"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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