These cottages at The Retreat at Lubbock, which were developed by Landmark and sold last year, look similar to the cottages that will be built in Orlando, pending closing.Athens, Ga. — Landmark Properties Inc. is planning a cottage community two miles from the campus of the University of Central Florida. The Retreat at Orlando will be a 221-unit, 900-bed, highly amenitized community built on several assemblages of land that are currently under contract.
The total site is approximately 44 acres and the cost of the project is approximately $30 million. Landmark is aiming for ground breaking in the first quarter of 2013, with a delivery date of fall 2014.
This development is Landmark's first foray into the Orlando market and it would be the first student cottage development near the university.
"About four years ago, we identified this market as one we really wanted to be in," says Landmark President and CEO Wes Rogers. "UCF is one of the largest schools in the country. In the last decade, it's seen an incredible amount of enrollment growth, with nearly 60,000 students currently attending UCF. Market rents and occupancies are attractive, and enrollment should continue to grow nicely. There is a decent amount of supply coming to market, but most has been urban infill product. We think having a different shade of product with our cottages should allow us to stand up well in the face of new competition."