Big news Insiders! Today it has been announced that after months of searching, Universal Parks & Resorts has selected a developer to design, build and manage an affordable housing community!
Universal has selected Wendover Housing Partners, based in Altamonte Springs, and they will bring Universal’s vision for affordable housing to life on a 20-acre site Universal has pledged for the initiative. The community will include 1,000 high-quality apartments as well as 16,000 square-feet of retail space.
According to Universal, criteria used to select Wendover included:
•Community Resident Focus: a commitment to resident satisfaction
•Community Design and Development: a commitment to high-quality, livable, design
•Community Operation and Maintenance: a commitment to an affordable community that offers a high quality of life
•Development Organization: a commitment to a high-quality team to develop and manage the new community, demonstrated expertise in affordable housing and a track record of success
•Development Financing: commitment to a sound financial plan to cover both the development and long-term sustainability of the community
The new site will be located near the International Drive corridor, not far from the construction site of Universal’s fourth theme park, Epic Universe. The area has been identified as high priority by Orange County’s Housing for All Task Force.
According to WESH News, “seventeen developers submitted initial proposals for the project. After the list was narrowed down to five finalists, Wendover was picked by a selection committee that included Universal team members and representatives from the community.”
Wendover founder and CEO Jonathan L. Wolf said in a statement, “This is an unprecedented partnership between a major company in the community and a private developer to work together to design a community that is close to where people work, filled with amenities that they want and with rents they can afford.”
Universal has released art concepts of what the proposed community will look like once complete. The renderings show a transit area for residents as wells as outdoor common areas that feature gardens, fountains and walkways.
“Affordable Housing is one of our community’s biggest challenges and we want to be part of the solution,” said John Sprouls, executive vice president and chief administrative officer for Universal Parks & Resorts. “We have brought people with the right expertise together with land to create a new affordable housing community – and a new approach to this issue. Wendover’s willingness to enter a long-term commitment, its experience with affordable housing in our state and its solid financing model will help us make sure we succeed.”
Universal states that construction is expected to begin in late 2022.
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