Parkway Seals 175-Acre Landmark Deal in Lake Mary

06.20.2019/Announcements

We have crossed the threshold into multi-family housing, as part of an historic development in Lake Mary Wellness and Technology Park.

With over $3.5 billion of assets under management, totaling 17 million sq. ft., we find innovative ways to create and deliver value in high-growth markets. With extensive Class A office experience, Jim Heistand is now diversifying Parkway’s portfolio with high-end, multi-family real estate.

Acquiring 175 Acres in Lake Mary

Lake Mary Wellness and Technology Park was the last, large piece of property in Lake Mary with I-4 frontage. Parkway’s senior VP, Richard Toomey, assessed the 175-acre site with the city to determine its best use. Once his master development plan was accepted, Richard performed the due diligence and un-entitlement/re-entitlement activities at city and state levels. In total, acquisition took five years.

“This deal will go down in Lake Mary real estate history.”

– Steve Noto, City of Lake Mary Planning Department

Parkway has brought in Bove Development, LLC from Jacksonville to co-develop $10+ million in infrastructure. This will prepare the site for ultimate build-out, some of which has already started.

With a scheduled completion date in August 2019, the first phase of Orlando Health’s $470 million build-out comes with an ER center, medical office space, and helicopter pad. Phase two entails a 240-bed hospital, parking deck, and more. Other great facilities sharing the acreage include:

  • Assisted living and memory care (212 beds)
  • 4.5 star hotel (120 rooms)
  • 50 town homes
  • Class A office complex (300,000 sq. ft.)
  • Class A pure medical office (84,000 sq. ft.)
  • Multi-family complex (300 units)

A Multi-family Complex with State-of-the-art Amenities

At a cost of $60+ million, Parkway is self-performing the multi-family development. Richard and Bove will co-develop the site, and construction starts July 2019 with a 20-month timeframe.

The self-contained, multi-family complex will house triple A tenants and promote a sense of community. Combining this with the town homes, hospital, and assisted living facility creates an ideal live-work environment.

“The multi-family component is one of our newest additions to our planned diversified portfolio.”

– Jim Heistand, Parkway Owner & CEO

Jim has charged Richard Toomey to lead Parkway’s new multi-family and land development division. Richard was instrumental in acquiring the Park and has handled all marketing and sales to date.

With a history of successful investments in Class A offices, Parkway’s future in high-end, multi-family assets looks very promising.


Media Contact
A. Noni Holmes-Kidd