The developer also plans to erect 15 single-user industrial buildings totaling 150,000 sf near Monroe Road in Sanford, FL, 25 miles north of Downtown Orlando. Three multifamily projects by other area developers, with an estimated aggregate construction value of $20 million, are either under way or also planning May and June construction starts.

"Central Florida commercial real estate investment and development is not receding," Realvest president Michael Heidrich tells GlobeSt.com. "It's growing slower than the previous 18 months but will likely grow faster than most areas of the country."

Heidrich, who comes from a long line of family developers, says Central Florida "has its own growth engine that insulates us somewhat from national economic trends. We haven't seen much of a slowdown so far, and we're seeing a lot of pending activity that's about to break ground." Heidrich adds, "We're very bullish at this point. We're looking at significant growth this year."