Phase I Development in Creative Village Valued Over $550 million; Total Phase I Investment is $625 million

As part of the UCF/Valencia Downtown Campus, Ustler Development, Inc. and DEVEN Development Ventures Group (formerly known as KUD International, LLC) are developing a $105 million student housing project on Parcel J. The project is under construction and will open in August 2019, concurrent with the UCF/Valencia Downtown Campus. This initial phase of purpose-built student housing is 15 stories and includes approximately 600 beds, a 600-space integrated parking garage, 105,000 SF of education space leased to UCF and Valencia College and 12,000 SF of ground floor commercial space. The student housing project will be home to Valencia College’s hospitality and culinary arts programs.
Banc of America Community Development Corporation and Atlantic Housing Partners are developing a 5-story 256-unit mixed-income apartment community on Parcels N and P valued at $56 million. This project is under construction and is scheduled to open in Summer of 2019.
The Ustler Group of Companies and The Allen Morris Company are developing a $108 million market rate apartment project with 14 stories and 409 units on Parcel M. The development will offer a variety of unit types, structured parking, a pool deck with residential amenities and a food hall. It is scheduled to open in 2020.
United Capital Corporation recently completed a $40 million renovation of an existing property and opened a full-service Marriott hotel with 299 rooms and 20,000 SF of banquet and meeting space on December 13, 2017.
Orange County Public Schools opened a $60 million new PS-8 school adjacent to Creative Village on August 14, 2017. The school is a significant milestone for the Parramore neighborhood.
The Phase I private vertical development outlined above is valued at $369 million; UCF and Valencia direct investment is valued at $111 million; Phase I infrastructure is valued at $23 million; other value, including the City land and building donation to UCF and other investment by the Master Developer, is valued at $52 million. Phase I development is valued at over $550 million and Phase I total investment is collectively valued at approximately $625 million.