Originally published in Orlando Business Journal
Rendering for the Royal Palm at Crosswood mixed-used multifamily apartment and commercial project near the northeast corner of State Road 17 and State Road 46.
What’s This?
- Royal Palm Companies is planning to build a 360-unit apartment community in Sanford.
- The project is expected to commence construction in early 2027.
- The North Orlando submarket, which includes both Sanford and Lake Mary, has inventory of 9,506 multifamily units with an 8.4% vacancy.
The Sanford City Commission unanimously approved the first reading of a rezoning request by a Miami-based real estate developer July 13 for a proposed mixed-use multifamily project.
Royal Palm Companies (RPC) is planning to build a 360-unit apartment community on roughly 22.2 acres at 100 Crosswood Loop, near the northeast corner of State Road 17 and State Road 46. The city commission has upcoming meetings scheduled for July 27 and Aug. 10.
It is the second project in Sanford and the third in Central Florida for RPC. The North Orlando submarket, which includes both Sanford and neighboring Lake Mary, has inventory of 9,506 multifamily units with an 8.4% vacancy. There are 256 units under construction, down from 672 units last year in a submarket where average asking rent is $1,796 per month, according to analytics firm CoStar.
The rezoning would change the land-use entitlements for seven parcels and pave the way for future site plan and permitting reviews. The development, named Royal Palm at Crosswood, includes three commercial outparcels facing S.R. 46.
The commercial spaces are proposed at a maximum of 41,600 square feet. The Royal Palm at Crosswood project is expected to commence construction in early 2027, pending final approvals. The property would consist of six four-story residential buildings with 60 units each and a maximum height of 70 feet.
A 9,000-square-foot clubhouse will anchor the community.
Amenities at the property would include:
- – 24-hour fitness center
- – Coworking business center
- – Club room with demonstration kitchen
- – Indoor pet grooming center
- – Resort-style pool with cabanas
- – Walking trail
- – Pet park
- – BBQ grilling area
- – Car care center
- – Electric vehicle parking spaces
Royal Palm Companies and partner Mattoni Group opened the 420-unit Northhaven apartment community at 4200 Symphony Circle in Sanford early this year and completed the first phase of Southhaven at Nona near Lake Nona this summer.
The Southhaven community will consist of 320 units upon completion along Simpson Road at 3000 Aria Circle, located west of Boggy Creek Road.
The 420-unit Northhaven apartment community opened earlier this year in Sanford at 4200 Symphony Circle.
Royal Palm Companies
Kamil Salame, managing partner of RPC’s multifamily division, told Orlando Business Journal in an email the three developments reflect the company’s long-term commitment to Central Florida, which it sees as one of its highest-priority growth markets.
“Our strategy is centered on identifying exceptional locations near major employment centers, assembling and entitling complex sites and developing high-quality, institutional-caliber multifamily communities that create lasting value for residents, our investment partners and the communities we serve,” Salame said.
Lake Nona, which includes the master-planned community and surrounding area, has inventory of 10,674 multifamily units and a vacancy of 14.1%, down from 18.1% last year. Nearly 700 new units are under construction. Monthly asking rents are $2,080 on average, per CoStar.
Southhaven at Nona along Simpson Road at 3000 Aria Circle is expected to be fully completed by early 2027.
Aerial Innovations
Jacksonville-based LandSouth Construction is the general contractor. Forum Architecture & Interior Design in Altamonte Springs and civil engineering and landscape architecture firm Kimley-Horn round out the development team.
Royal Palm is working with Maryland-based capital partner FCP and senior construction lender Kennedy Wilson out of California on financing. The estimated cost of developing each of the projects was not disclosed.
Greystar is the property management and leasing team for the communities. Rental rates for Southhaven at Nona range in cost from $1,875 to $3,000 per month depending on floor plan and apartment home location.
Phase two of Southhaven at Nona is expected to be delivered by October followed by the third and fourth phases by early 2027. The 16-acre development is being constructed on an assemblage of four parcels from three separate landowners.
“That approach reflects our strategy of creating value by unlocking complex development opportunities adjacent to major employment centers with strong long-term growth fundamentals,” Salame said. “We believe the best multifamily communities are developed where long-term employment growth, transportation connectivity and demographic trends intersect.”