Jun
30

S. Fla. developer buys land for lakefront apartments near SeaWorld

An apartment developer now owns the land it needed to start construction on a new luxury apartment complex near SeaWorld’s Discovery Cove park.

BAB Grande Pines Owner LLC, an entity related to Wellington-based The Bainbridge Cos. LLC, spent $7 million on Sept. 30 to buy two fairways on the former Marriott Grande Pines Golf Club from Florham Park, N.J.-based Ridgewood Real Estate Partners and New York-based Angelo, Gordon & Co. LP’s related AG-RW Grande Pines LLC, Orange County records showed.

The purchase clears the way for Bainbridge to begin work on its planned $52 million, 322-unit Bainbridge Grande Pines apartment complex, as previously reported by Orlando Business Journal.

The project will feature eight four-story buildings with elevators, plus an 8,500-square-foot clubhouse and resort-style swimming pool overlooking the lake, as OBJ previously reported.

This is the second of three apartment complexes planned for the former golf course. Construction is underway on Altamonte Springs-based Picerne Development Corp.’s $40 million, 282-unit Oasis at Grande Pines apartment complex, and a third apartment complex was under contract by another developer, but details couldn’t be found.

Meanwhile, the overall redevelopment of the Marriott Grande Pines golf course includes 1,136 homes and four restaurant outparcels, as OBJ previously reported.

Be sure to come back to OrlandoBusinessJournal.com for updates.