Universal is collaborating with Winter Park-based Epoch Properties to develop Landmark Luxury Apartments on 11 acres adjoining the Universal Studios Florida theme park, reports the Orlando Sentinel. The entertainment giant bought the land last November for $7.8 million, or roughly $16 per square foot.
The new apartments, set to open sometime next year, are aimed at Universal employees with monthly rents for one- to three-bedroom units ranging from $900 to $1,400 per month. The project has been in the works over the past two years but has been delayed by the ongoing freeze on commercial construction financing.
"This project has gone full cycle a couple of times, and gotten all the way to the end, where financing fell through," says Kyle Riva, president of Epoch Properties. "It's been an interesting process during these economic times."
Riva adds that the apartments will be built close enough to the theme park that its drainage goes directly into the lagoon of the park's "Jaws" boat ride. A launching pad for Universal's nightly fireworks show is also being relocated to reduce noise for apartment tenants.
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