ContraVest Builders will start construction on a new apartment community located in the City of Orlando at Randal Park called Colonial Grand at Randal Park Phase II Aug 15, 2015. It is located near the intersection of the 417 and Dowden Road. The project will consist of 318 market rate apartment homes. The owner of the project is Mid-American Apartments, a publically traded real estate investment trust (REIT). The project is expected to take approximately 20 months to complete and will cost $29,150,000. Walt McCully is the senior project manager and Mike Rossetter is the superintendent. Both are long time industry professionals and longtime ContraVest loyal employees.
This project brings ContraVest’s current volume of construction to $109,000,000 and a total of 1,180 units underway. They expect to start two more projects before the end of 2015, one in Orlando, FL (292 units) and another in Gainesville, FL (289 units) adding an additional $56,500,000 of revenue. 2016 is also shaping up to be another good year for new projects with two new communities, both in the first quarter, 316 units in Orlando, FL and 398 units in Sarasota, FL.