The municipality, 25 miles north of Downtown Orlando, has a permanent population of only 37,500.
Developers are expected to test the legality of the moratorium shortly in a number of planned civil lawsuits, area real estate lawyers tell GlobeSt.com on condition of anonymity.
The apartment glut was rooted in the 1995 opening of the 1.2 million-sf Seminole Towne Center, developed by Simon Properties Trust of Indianapolis, IN. Federal tax breaks on affordable apartment housing development for low-income tenants have also fueled the apartment construction blitz, area brokers tell GlobeSt.com.
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