A 116-unit, mixed-income multi-family residential development is coming to Creative Village (Website) on a 1.7 acre site across from the planned OCPS Parramore P-8 School.
The site is located at the NE corner of the N. Parramore and W. Amelia St. intersection.
It will be developed by Amelia Court at Creative Village Partners Ltd.
City Council approved the sale of the site, called "Lot N" in council documents, from City of Orlando to Amelia Court at Creative Village Partners Ltd. on December 14th for $1,508,000.
Amelia Court at Creative Village Partners Ltd is an affiliate of Creative Village Development LLC, the company with whom the City of Orlando entered into a Master Development Agreement and a Purchase Option Agreement. Creative Village Partners Ltd and its affiliates have an option to purchase parcels within Creative Village. They chose to exercise that option with this land buy.
The sale agreement will go through only if Amelia Court at Creative Village Partners Ltd's low income tax credits come through.
The price comes from the City's estimate of the fair market value of the land which was calculated as thus: $13,000 per unit for 116 units.
Have a tip about Orlando-area development? Send it to mark@thedailycity.com.
