New York City-based RD Management recently announced that it is moving forward with a major development project at what used to be Jai Alai Orlando, a “fronton” or court facilities where the sport was played. RD has owned the facility, which is about 10 miles north of downtown Orlando, since 2010, but waning interest in the game gradually made the land more valuable as something else—in this case three luxury apartment communities. The project has been christened Oxford Place and will include 780 units and 72,000 square feet of retail.
The unit mix will be one-, two-, and three-bedroom apartments. Amenities will include an interior pool and courtyard with a 20,000-square-foot deck that will offer grilling stations, a dog park, and a dog washing station. A club room, a game room, a business center, and a fitness center also are planned. The expected budget for Phase 1 is over $50 million and is slated for a late summer or early fall groundbreaking. Construction is expected to last two years.
According to RD executive vice president of residential development Eric Moran, progress is not currently being impeded by COVID-19. “The coronavirus is not effecting the predevelopment of the project at this time,” he says. “Under the current Florida mandate, architectural, engineering, and land surveying services have all been categorized as essential and continue to operate.”
Real estate developers and municipal workers are trying to keep the development wheels turning by working from home. “Our Florida-based design team as well as the county officials we are working with have either remained open or have adapted to the work from home model,” said Moran. “Additionally, we are utilizing virtual meetings.”
The longer-range questions center on what is going to happen to hot housing markets that are dependent on tourism, which includes central Florida.
“The Orlando economy is heavily reliant on the Disney and Universal Studio’s parks, hotels, and related services,” says Moran. “These sectors, on both a national and global level, are clearly experiencing financial difficulties as a result of the spread of the coronavirus as travel has effectively come to a halt. With that said, I have no doubt that as restrictions are lifted, Orlando will continue to be the top tourist destination in the United States,and local residents throughout Florida will be eager to go back to the parks with their families, and, as a result, the local economy will experience a quick rebound.”