Moving Orlando Forward

25 January, 2024

Benefits of Choosing Central Florida for Your Next Multifamily Project

The city of Orlando is experiencing a boom unlike any other across the state. The warm sun and vibrant attractions have always drawn people in, but today, the landscape is rapidly changing.  

With the population surging and projected to grow by a staggering 46% by 2050 (source), the impact on housing and infrastructure is undeniable. Central Florida stands out as a prime location for multifamily development, with 56% growth in the market sector forecasted by 2050. 

According to a June 2023 CoStar report, Orlando’s population growth is even surpassing the allure of Miami and other South Florida hot spots, further fueling the multifamily development pipeline.  

 

This rapid population growth and increased demand for housing has led to a surge in construction projects throughout the city. Developers are racing to meet the needs of the growing population, resulting in a boom of multifamily units being built across Orlando. As a result, the city’s skyline is transforming at an unprecedented rate, with new high-rise apartment buildings and condominiums dominating the horizon.

Here are three benefits of choosing Central Florida for your next multifamily development.

  1. State and local incentive programs encourage development.

Fully supported by state and local governments, incentive programs aim to stimulate economic growth and attract investments by offering various benefits such as tax breaks, grants, or low-interest loans. By providing these incentives, local agencies hope to address the pressing issue of housing shortage and create opportunities for attainable housing development. Without this governmental support, it would be impossible to meet the overarching need for housing. 

The Live Local Act, for example, provides zoning benefits and tax incentives for multifamily projects that incorporate at least 40% affordable housing. The Act mandates that local governments allow these multifamily developments in any area zoned mixed-use residential, commercial, or industrial, as well as permit the highest allowed density and building height in any commercial or residential zone within the jurisdiction. While the density requirements facilitate the feasibility of development, the zoning relief fast-tracks permitting and approvals, as projects can jump right to site plan submission phase. 

The Graywater Act, another state-level incentive, increases allowable density for multifamily projects that use stormwater reclamation systems or recycle gray water for irrigation. More specifically, the Act will provide a 25% density bonus if at least 75% of the proposed project implements a graywater system or a 35% bonus if 100% of the property uses graywater technology.  

In some counties, bonus provisions – such as increased density and zoning relief – are available to developers willing to provide community benefits like upgraded infrastructure.  For the Flats at Hourglass in Orlando, developers National Real Estate/Sight Real Estates worked with Bohler to obtain approval for nearly 250 units and 9,000 SF of commercial space on less than three acres. With Bohler’s guidance and strategic design support, the team agreed to extend the public sewer system, upgrade the right-of-way, improve pavement, widen sidewalks and update on-street parking.  

The Flats at Hourglass

Opportunities to provide cost-effective, attainable housing are plentiful.

Across the region, developers are launching a fresh range of unit types, focusing on the outskirts and suburbs, in contrast to the pricier urban core. Branding this initiative as “attainable housing,” these developers provide housing solutions to a broader range of residents who are simply priced out of the city.  

But it’s not only about reasonable rent prices. There is a strategic focus on site selection and the execution method to verify the project is a feasible construction endeavor. As land development consultants, Bohler help’s clients design and build a more economical product, identify opportunities for value engineering opportunities and emphasize speed-to-market delivery. 

There is strategic focus on execution. We identify opportunities for value engineering and emphasize speed-to-market.

— Greg Roth, Principal

The spur of activity across the industry leads to new connections and possibilities.

Whether you are brand new to the area or a native Floridian, the whirlwind of industry activity opens new opportunities. Consider tapping your local land development consultants and design teams for information on potential sites they may have surveyed, performed due diligence on, or conceptually designed but never moved forward.  

Consider an introduction to a commercial developer who holds an additional 20 acres of land and is eager to collaborate with a multifamily developer for a unique development venture. 

At Bohler, these are more than just routine transactions. We take pride in our ability to bridge connections, tailor projects based on client needs, and bring visions to life. We are trusted partners across the industry, leveraging our relationships throughout Central Florida to keep projects moving forward.  


see related: 3 ways to Get The industry working for you

Bohler’s in-house survey, planning, landscape architecture, and permitting teams collaborate seamlessly with our site civil engineers to approach projects holistically from the start. Together, we strategize due diligence, identify opportunities for efficiency, maximize site layouts, and streamline entitlements.   

Connect with a local land development team like Bohler to identify opportunities to leverage these benefits, make new connections, and bring your multifamily ambitions to life in this dynamic region. 

let’s discuss your next multifamily project
About the Greg Roth, PE
Greg Roth Bohler Associate Tampa, FL

Greg oversees Bohler’s operations in Tampa and Orlando, where he directs his focus on delivering unparalleled consulting expertise, technical services, and top-notch experiences for clients within the commercial and residential real estate markets. Boasting over a decade of expertise spanning Florida and the Southeast, Greg is a trusted advisor for clients seeking guidance on asset management, new construction initiatives, expansions, renovations, and urban infill and redevelopment strategies.

Greg’s commitment to delivering value is evident in his adept management of a robust team comprising project managers, technical professionals, and support staff. Together, they provide comprehensive support in the pre-construction phases of projects, encompassing site selection, due diligence, feasibility assessments, conceptual planning, permitting, entitlements, and site design. His solutions extend across a diverse range of projects, including single and multifamily residential developments, retail spaces, mixed-use projects, industrial complexes, and other commercial facilities. With Greg Roth at the helm, Bohler’s Florida operations continue to thrive in providing innovative solutions for the dynamic and growing real estate landscape in the region.

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