Crescent Acquisitions LLC — an entity related to Crescent Communities LLC — seeks approvals from Seminole County to build a mixed-use project on 14.8 acres on the southwest corner of Wilson Road and International Parkway, according to county documents.
The project, called Novel Parkway, may feature 325 apartment units, up to 42,500 square feet of commercial uses and/or 120,000 square feet of self storage.
Novel Parkway may cost more than $61.8 million to build and create 618 temporary construction jobs, based on industry standards. A Crescent representative wasn't available for comment. Maitland-based Madden, Moorhead & Stokes LLC is the consultant, county documents showed.
The property owners are the trust of Jeno F. Paulucci and the successor trust of Paul V. Mellini, according to Seminole County documents.
New apartment development is a major opportunity for Seminole County, which has experienced years of job and population growth, Miguel de Arcos, managing partner of Maitland-based Central Parc Group, previously said. De Arcos himself is involved with at least four early-stage multifamily projects in the county, but not with the Novel Parkway project.
The projects also will create more business activity and economic growth, as new residents will demand more shops, restaurants and services in the area. Seminole County sites make up at least 7.7% of the region's apartment complexes under construction, or roughly 612 units, showed the most recent report by Charlotte, North Carolina-based Real Data Inc.
The north submarket, which includes the proposed Novel Parkway project, features a 2.9% vacancy rate and 11,585 units, Real Data Inc. reported. That's lower than the Orlando-area average vacancy rate of 3.5%. In addition, the submarket's average monthly rental rates of $1,227 is lower than the Orlando-area average of $1,335.
In June 2019, Crescent Communities also sought approvals for a 360-unit apartment complex near Olde Florida and Westwood boulevards along Interstate 4, according to Orange County records. And the developer looks to build a 260-unit project, Novel Nona Place, in Lake Nona. In addition, Crescent developed the $75 million, 693,000-square-foot, mixed-use Novel Lucerne project south of Orlando’s central business district.