CBRE arranged the sale of a 10-acre lakefront piece of property located on Jake Street in Orlando’s Baldwin Park. The site will be the future home of a planned $100m luxury lakefront multifamily project. The property was purchased by Orlando-based ZOM Development Inc. and its venture partner AIG Global Real Estate from the Baldwin Newco investment group for $16 million.
The property will be developed into a 483-unit rental apartment community to be named Baldwin Harbor. “The $16 million cost of the land signifies a per unit price of $33, 126, which represents the largest per unit apartment land price in the metropolitan Orlando Area since 2008” according to a release by CBRE.
ZOM Development will develop the currently vacant lots into two, four-story complexes, with one on each side of Baldwin Park’s New Broad Street. Construction is expected to commence in November.
