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A mixed-use project is in the works in Casselberry along a busy stretch.

The proposed 5-story Icon Commons
project would feature 26 residential
units in addition to 1,600 square feet
of retail space and 2,800 square feet
of live-work suites at 380 State Road
436, according to city of Casselberry
documents. Deerfield Beach-based
Quiet River Invest LLC owns the
roughly 1-acre property, and
Plantation-based South East Architect
Services Inc. is the project applicant.
Executives with the companies were not available for comment.

The colorful project would also feature a rooftop outdoor space, a barbecue area, a business center, a gym and a recreation room. The residential units will be one- and two-bedroom spaces.

“The design concept is contemporary with strong geometry utilizing [balconies], cantilevered elements and massing that breaks up the facades,” according to an Oct. 12 memo sent to the city of Casselberry. “The materials will be concrete, glass and metals with strong color elements. It is our aim to develop an outstanding structure that will create a new streetscape and energize the community.”

It wasn’t known what the project cost is, but the development may cost in excess of $5 million to build, based on industry standards.

The site does face some development challenges, including what appears to be a no left turn into the property currently. However, the site is desirable for residential and retail development, said Miguel de Arcos, managing partner of Maitland-based Central Parc Group, who isn’t involved in the deal. “If the developer has a tenant in tow for the retail, and there continues to be good demand for residential in this market, they should do fine.”

Quiet River Invest bought the property for $720,000 in November 2016, according to real estate research firm Reonomy. Semoran Financial Corp. was the seller. The site currently appears to be vacant.

Retail stats

Casselberry retail stats aren’t tracked, but the nearby Altamonte/Longwood retail submarket featured a 5.7% vacancy rate, which was lower than the Orlando-area average of 6.1%, Colliers International Central Florida reported. In addition, the submarket’s average asking rental rate was $15.88 per square foot, which was lower than the Orlando-area average of $18.81 per square foot.

Residential stats

That said, the Casselberry/Winter Springs/Longwood apartment market was among the hottest in the past three months In the Orlando area, according to ApartmentData.com. The submarket saw rental rates grow on average $1.30 per square foot with an annual growth rate of 7.8%.

The north Orlando apartment submarket, which includes Casselberry, featured an average monthly rental rate of $1,292, which is lower than the Orlando-area average of $1,309, according to CoStar Group research. In addition, the submarket featured an average vacancy rate of 7.8%, which is lower than the Orlando-area average of 9.2%.

Publication: Orlando Business Journal

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