Downtown Gets First High-Rise Apartment Tower in 16 Years

ORLANDO-Zom Inc., an established multifamily developer, is going first class with the Oct. 1 opening of the Waverly, a $45 milion, 22-story, 230-unit Downtown apartment community at 322 E. Central Blvd. The project is Downtown’s first high-rise apartment tower in 16 years and is 30% pre-leased.

The development cost of $195,652 per unit is about equal to the construction value of class A area hotels built recently or in the planning stage, construction industry estimators tell GlobeSt.com on condition of anonymity. The Waverly has a 394-car garage.

Locally based Zom is targeting tenants from Downtown’s 60,000 office work force. The developer’s research finds 40% of the Downtown workers earn at least $50,000 per year.