Thompson Thrift has started pre-construction development work on Standard441, a 300-unit luxury community in Lady Lake, Fla., an Orlando suburb. Construction start is scheduled for later this month, while completion is set for late 2024.
The multifamily asset will consist of three-story buildings spread across 15.3 acres. Units will be available in one-, two- and three-bedroom floorplans, and feature stainless steel appliances, washers and dryers, smart home packages, as well as patios and balconies in select apartments.
Common-area amenities are set to include a fitness center, swimming pool, outdoor spa, dog park and pet spa, along with EV charging stations.
The Class A property will take shape just off Highway 441, close to The Villages—a master-planed community, which offers a host of dining, retail and recreation opportunities. The largest provider of health care services in the region, UF Health The Villages Hospital, is also within walking distance.
Standard441 marks Thompson’s 12th multifamily asset in the state. Earlier this year, the firm announced two more projects in Florida: The Quinn, a 324-unit community in Pensacola, which is set to open in late 2024, and The Concord, a 257-unit luxury community in Sarasota, slated for completion around the same time.
According to a Yardi Matrix ranking, Orlando was among the top ten metros nationwide for number of units delivered in the first half of 2023. During this time, a total of 4,445 apartments came online, while another 5,437 units remain under construction.
