Excerpted from Multi-Housing News story.
Franklin Street has been tapped to manage UnionWest at Creative Village, a Class A mixed-use student housing tower in downtown Orlando, Fla. The firm was selected by the project’s ownership group, Ustler Development and Development Ventures Group (DEVEN).
UnionWest is part of Creative Village, a $1.5 billion mixed-use development near the University of Central Florida and Valencia College campuses that integrates affordable and market-rate housing with new office space for digital media and creative companies. The 68-acre campus is a redevelopment of the former Amway Arena site.
Situated at the corner of W. Livingston Street and N. Terry Avenue, the $105 million UnionWest tower will have 600 beds that will serve students from UCF and Valencia College when it opens in the fall. The property also includes 105,000 square feet of academic and student services space leased to UCF and Valencia College, a 600-space parking garage and 12,000 square feet of restaurant and retail space on the ground-floor.
“UnionWest is an innovative mixed-use building based on partnerships and a shared commitment to providing the ideal environment for an urban university,” said Craig Ustler, president of Ustler Development, in prepared remarks. “We felt that Franklin Street would be an ideal partner due to their high level of management expertise and excellent reputation in the market.”
In December, Ustler Development and Allen Morris Col, secured $66 million in financing for the Creative Village Parcel M apartments, a 409-unit market rate apartment building at the Creative Village development.