Fieldstream Village proposal surpasses key milestone with unanimous approval by Orange County’s Development Review Committee

By: David Brim

June 8, 2022

MMI’s Fieldstream Village proposal passed a key milestone on Wednesday, June 8, when Orange County’s Development Review Committee (DRC) unanimously recommend approval of the project.

MMI’s plan calls for cleaning up an old Orange County dump on Lake Underhill Road and restoring the 38-acre site for the purpose of developing market-rate apartments as well as neighborhood village commercial space.  Coupled with the planned clean-up, MMI proposes to also construct a full upgrade of Lake Underhill Road from Dean to Rouse roads to modern standards. The road plan further proposes the construction of two roundabouts that will improve traffic flow in the congested corridor as well as pedestrian safety and walkability.

The Fieldstream Village plan calls for the development of up to 1,500 apartments in phases and up to 100,000 square feet of walkable commercial/retail/office space. Several significant retailers already have signed letters of intent to occupy space in the project, including Clemons Produce, Foxtail Coffee, Bruno’s Pizza and Kanine Social, among others.

The MMI team led by Mike Wright includes:  land-use attorney Jason Searl of GrayRobinson in Orlando; environmental consultant Kelly Eger-Smith of American Environmental Consulting; governmental affairs consultant Angel de la Portilla of Central Florida Strategies; Joe Kilsheimer of Kilsheimer & Associates; Bob Paymayesh, P.E.; MMI Chief Operating Officer David Brim; MMI VP Scott Batterson and MMI financial analyst Roberto Maximo.

Orlando 444 Unit Multifamily Project by MMI Receives Unanimous City Council Approval

By: David Brim

April 25, 2022

Today during the Orlando City Council meeting, MMI Development’s 444 Unit Multifamily Project, known as Progress at Lee Vista, received unanimous approval.

The new apartment development will be located on the intersection of Lee Vista (Judge) and Conway in Orlando. The project is planned to break ground in Q4 of this year.

*Site plan subject to change*

MMI Receives Site Permit from City of Austin for 460 Unit Multifamily Project

By: David Brim

On Wednesday March 16th, 2022 MMI Development received a site development permit authorizing them to begin construction of a 460 Unit Multifamily property located in Austin, Texas.

The project, Progress at Tech Ridge, is anticipated to be completed within 30 months. MMI closed on the construction loan and acquisition of the land in October 2021. The $91M project is expected to be a long term hold for MMI Development and their investment partners.

MMI 438 Unit Project in Orlando receives Municipal Planning Board Approval

By: David Brim

On Tuesday March, 15th The City of Orlando Municipal Planning Board gave conditional approval of MMI Development’s 438 Unit Multifamily project, which will be built on the intersection of Lee Vista and Conway.

The property, known as Progress at Lee Vista, is anticipated to begin construction in Q4 2022.

MMI’s Fieldstream Village proposal wins transmittal approval in a unanimous vote by the Orange County Commission

By: David Brim
MMI’s proposal for a Public-Private Partnership will clean up a contaminated landfill, upgrade Lake Underhill Road, and create a walkable village with residential and commercial space. ORLANDO, FL – October 14, 2021 – MMI’s Fieldstream Village project passed a major milestone this week when the Orange County Commission voted unanimously to transmit the proposal to the Florida Department of Economic Opportunity for a required review. The vote keeps the project on track for ultimate approval by the Orange County Commission in early 2022. MMI’s plan calls for cleaning up an old Orange County dump on Lake Underhill Road and restoring the 38-acre site for the purpose of developing market-rate apartments as well as neighborhood village commercial space. Coupled with the planned clean-up, MMI proposes to also construct a full upgrade of Lake Underhill Road from Dean to Rouse roads to modern standards. The plan is an example of public-private partnership (P3), a joint venture enabled by Florida state law between a governmental entity and a private company. P3 endeavors have been used in many other projects throughout Florida, including the massive I-4 Ultimate project. “The MMI team is grateful for the support of the Orange County Commission and for the many, many hours of work put in by the Orange County staff vetting our proposal,” said Mike Wright, president and founder of MMI. “We view this P3 proposal as a way to address some long-standing problems in the Lake Underhill Road corridor as well having great potential for MMI’s future success.” The Fieldstream Village plan calls for the development of up to 1,500 apartments in four phases and up to 100,000 square feet of walkable commercial/retail/office space. Several significant retailers already have signed letters of intent to occupy space in the project, including Clemons Produce, Foxtail Coffee, Bruno’s Pizza and Kanine Social, among others. The plan also calls for MMI to improve Lake Underhill Road between Dean and Rouse roads, widening Lake Underhill Road to four lanes. The road plan further proposes the construction of two roundabouts that will improve traffic flow in the congested corridor as well as pedestrian safety and walkability. Key to the project is the excavation and remediation of a long-closed Orange County dump that operated from the early 1960s to 1982. The dump’s existence has long prevented the site from being developed and placed on the county’s tax rolls, despite its proximity to State Road 408 and Lockheed Martin’s east Orlando campus. Among the reasons the road improvements have not been done, is that a portion of the old dump lies beneath the pavement of Lake Underhill Road. The MMI plan calls for building temporary alternative lanes on Lake Underhill Road to allow for excavation of the waste underneath the road, then reconstructing the road afterwards. In order to finance the dump’s cleanup as well as make the needed improvements to Lake Underhill Road, Wright is asking Orange County to approve an innovative funding formula using tax-increment financing, or TIF. Under a TIF formula, future tax revenues derived from increases in the property’s value – as it is developed – are dedicated toward repaying the loans taken out to undertake the infrastructure work. “Without the TIF, or Orange County simply coming up with around $40+ million, no developer is going to be able to do anything with this site,” Wright said. “Conventional financing for a project like this doesn’t exist in today’s environment. Banks just won’t lend on this type of project due to its complexity and the number of variables. That’s why TIF financing is ideal for projects like these.” The MMI team led by Mike Wright includes: land-use attorney Jason Searl of GrayRobinson in Orlando; environmental consultant Kelly Eger-Smith of American Environmental Consulting; governmental affairs consultant Angel de la Portilla of Central Florida Strategies; Joe Kilsheimer of Kilsheimer & Associates; Bob Paymayesh, P.E.; MMI Chief Operating Officer David Brim and MMI financial analyst Roberto Maximo. This would not be Wright’s first use of TIF financing to create infrastructure that opens up land for development. In 2016, MMI struck a deal with the City of Apopka to create a TIF district that enabled the construction of a half-diamond interchange at Marden Road and State Road 414. The new road access created market conditions that enabled MMI to develop apartments and a new K-12 private academy, a track and field facility and additional potential commercial and residential projects. Total value of the new Apopka construction: More than $100 million. Moreover, the Apopka TIF district was given a 10-year term to repay the financing, but has already been retired within four years, Wright said.   Here is a link to the video of the BCC hearing
 

Mixed-use project on former Orange County dump takes next step toward construction

By: David Brim
By Jack Witthaus, Senior Staff Writer, Orlando Business Journal A proposed massive redevelopment of a former Orange County dump has taken a step closer to construction, as developers continue to look for sites locally to serve Orlando’s booming population growth. Orlando-based MMI Development’s Fieldstream Village mixed-use project is expected to go before Orange County’s Board of County Commissioners in October. That’s after the county’s planning and zoning board at its Sept. 16 meeting recommended to approve the developer’s request to amend the county’s future land-use map to allow high-density residential as well as an amendment to rezone the property for multifamily and commercial. The $350 million-plus project calls for up to 1,500 market-rate apartments and 100,000 square feet of commercial space at 10601 Lake Underhill Road east of downtown Orlando. The project also calls for improving Lake Underhill Road adjacent the development as a portion of the dump lies beneath it. It was the first public hearing at the planning and zoning board for the project, a necessary first step before developments can get final approvals. After the October meeting, the project is expected to go back to planning and zoning in December, said Angel de la Portilla, founder of Orlando-based government consulting firm Central Florida Strategies Inc., who is working with Orlando-based MMI Development. Then, it’s expected to head to an adoption hearing at the board of county commissioners in January. Meanwhile, MMI Development also is proposing the creation of a new tax increment finance district that will allow new incremental tax revenue to be used for the cleanup of the site. Currently, road construction and cleanup of the site may start in late fall 2022. The best time to clean the site would be from October 2022-May 2023 to avoid Central Florida’s rainy season. The development team includes land planners Charlotte, North Carolina-based Shook Kelley; Orlando-based GrayRobinson law firm partner Jason Searl; Windermere-based environmental consultant American Environmental Consulting Inc.; and Joe Kilsheimer is handling the project’s communication strategy. Orlando’s fast-growing population is has sent developers scurrying to find sites to build new homes and commercial space to support the new residents. That may make harder-to-develop, environmentally contaminated sites more attractive for redevelopment. Still, the complexities involved with remediating and redeveloping sites makes it rare for developers to be interested. “Most developers would be intimidated by that,” said Luke Wickham, senior managing director in the Orlando office of Institutional Property Advisors, who isn’t involved with Fieldstream Village. The east Orlando apartment submarket, which includes the proposed Fieldstream Village project, has an average asking rent of $1,534 per month, which is near the Orlando-area average of $1,587, CoStar Group reported. In addition, the submarket’s average vacancy rate is 3.6%, which is lower than the Orlando-area average of 5.3%. To view a video of the Orange County Planning & Zoning Commission’s consideration of Fieldstream Village, please click here.

MMI Development wants to remediate contaminated land along Lake Underhill Road for mixed-use community

By: David Brim
By Amanda Rabines, GrowthSpotter, Aug., 11, 2020 Orlando-based MMI Development just submitted plans in Orange County seeking to restore a contaminated landfill site near the Waterford Lakes Town Center. The developer is eyeing about 38 acres of land around 10601 Lake Underhill Rd. with the hopes to develop a mixed-use community called Fieldstream Village. Lake Underhill Road for mixed-use community 2 Plans for the multi-phase project include building up to 1,500 apartments, four parking structures and up to 100,000 square feet of walkable retail, restaurant and office space. For years, the property along Lake Underhill Road has remained vacant, despite its proximity to State Road 408 and Lockheed Martin’s east Orlando campus. It was the site of a former Orange County dump that operated from the early 1960s to 1980s. In a public release, Joe Kilsheimer, a consultant on the project with the eponymous firm Kilsheimer & Associates, said the dump’s existence has long prevented the property from being developed or placed on the county’s tax rolls. The extent of the cleanup and infrastructure work put forward will be extensive, in that a portion of the land beneath the pavement of Lake Underhill Road would be required to be excavated due to its contamination. The developer is looking to enter into an agreement with the state to rehabilitate the property prior to any development. If successful, MMI could be eligible for several state and federal incentives. One commonly sought agreement is a Brownfield Site Rehabilitation Agreement, which can qualify a developer or property owner to receive a tax credit on cleanup costs and a sales tax credit on building materials for redevelopment projects. The Environmental Protection Agency also offers brownfield grants for site assessment and cleanup. In addition to remediating the land, MMI is offering to upgrade to a stretch of Lake Underhill Road, from Dean Road to Rouse Road. Plans call for widening Lake Underhill Road into four lanes, adding bike lanes, broadening pedestrian walkways, and constructing three roundabouts to help improve traffic flow. contaminated land“The property used to be out in the middle of nowhere, but now it is in the middle of a thriving residential area,” MMI president Mike Wright said in the release. “Our plan will not only apply a long-needed and complete cleanup, but will also make the stretch of Lake Underhill Road… the most improved section [of the road.]” According to the release, MMI intends to build temporary alternative lanes on Lake Underhill Road to allow for excavation of the waste underneath, prior to its reconstruction. In order to do all this, the developer is seeking approvals from Orange County to allow the area be designated as a Tax Increment Financing district, which will admit MMI to issue bonds to pay for the new infrastructure improvements. If the designation is achieved, then the future tax revenues derived from increases in the property’s value (as it is developed) are dedicated toward repaying the loans. “Without the TIF, or Orange County simply coming up with around $40-plus million, no developer is going to be able to do anything with this site,” Wright said. “Conventional financing for a project like this doesn’t exist in today’s environment. Banks just won’t lend on this type of project due to its complexity.”