Lugano Apartments – Fore Property Co.
In the heart of sunny Kissimmee, Florida, Lugano Apartments may represent the future of high-end living for those seeking a community full of indoor and outdoor amenities with all the privacy necessary for hosting friends and family.
Lugano is made up of four, four-story buildings and one three-story building. Also part of the complex are three carriage homes that provide a unique luxury living environment, multiple garages, a 9,000-square-foot clubhouse and pool, a pet wash and dog park, and a fire pit area.
This 288-unit luxury apartment community is adjacent to three premier retail centers. Its central location allows for quick access to downtown Orlando, Walt Disney World Resorts and the Lake Nona Medical Facility. Along with close proximity to the soon-to-be SunRail, the conveniences offered by Lugano will be unmatched, the developer assures.
Lugano is a project of Fore Property Co., (FORE) a full-service, national real estate company that develops, builds and manages residential multifamily housing. With approximately four decades of experience, FORE maintains it can identify the right opportunities and markets for its partners and develop high-quality housing for its residents. In alignment with the sustainability efforts of FORE, Lugano is pursuing LEED Silver-certification status.
Richard Fore founded FORE in 1978 to better manage the cost, quality and scheduling of construction activities for FORE’s multifamily development projects. The construction team is led by executives who combine experience, expertise and a passion for building. This regional structure enables the construction team to closely coordinate with FORE, as well as third parties, on acquisition and development projects across the country. An experienced general contracting firm in 17 states, Fore provides construction management services for new development, rehabilitation, environmental retrofit and repositioning projects.
Building a foundation
As a real estate investment trust, the development of Lugano is an extension of FORE’s business plan to be a leader in apartment development. The complex sits in an area that is rapidly growing in retail development. The land, which FORE purchased from Tupperware, is located around the Osceola Parkway, a new east-west corridor connecting the Florida turnpike to Disney World.
The property is also next to Rapallo, another garden community built by FORE in 2008. In addition, FORE has begun construction on Vernazza, its next endeavor in the Orlando area. Given the demand and reception for Lugano, the need for an additional 256 units within the submarket appears to be much desired by the community.
“The retail development in the surrounding area was a major attraction to us as part of the lifestyle created at Lugano,” says Chris New, vice president and partner of FORE. “Within a half mile of Lugano is The Crosslands Shopping Center, which is a brand-new retail and lifestyle center.” Also within the vicinity of the apartment complex is The Loop, an outdoor mall that includes restaurants, movie theaters and retail and specialty shops.
Start date-completion date: June 2015 – Spring 2017
Owner: Fore Property Co.
Location: Kissimmee, Florida
Total construction cost: $28 million
Square footage: 300,000
Sustainability Goals: LEED-Silver certified
There were challenges. FORE was faced with relocating an existing storm water pond and rerouting pipes to a new reservoir that it constructed.
w“We first built the new pond in the rear of the property. This served as a retention spot for our site, as well as the existing flow that was coming in from an adjoining retail development across the street,” recalls New. “We then installed a new infrastructure of pipes to convey the water to the new pond.”
As a company, Fore has developed garden, podium and wrap communities and is in the process of moving farther into urban infill, high-density developments with structured parking. As the environment and market change, FORE takes pride in how it’s adapted and focused on live-work-play projects.
“We’re currently working on development plans for central Florida,” New says. “We’re also working across the country from Pittsburgh to D.C. to Florida to California to Portland, Oregon.”
When developing a new property, FORE researchers evaluate multiple criteria. Local employment rates and lifestyle are major factors in determining the success of a multifamily development. “We don’t necessarily look to stay local,” says New. “We’ll look all over the country for emerging markets that have dynamics and fundamentals that meet our criteria.”
Furthermore, Fore is committed to mitigating environmental impacts by practicing environmentally friendly construction techniques as well as environmentally friendly building design. Fore has experience in building communities to meet the United States Green Building Council LEED standards and the Department of Energy’s ENERGY STAR program. And it has earned industry acclaim for environmentally friendly design features.
A talented team
FORE’s executive management team has more than 200 years’ combined experience in developing affordable housing, senior housing and market-rate housing across the United States. Each of FORE’s regional corporate offices is staffed with real estate development professionals who possess local expertise and in-depth market knowledge essential to successfully navigating the development process.
Having developed 26,000 units across countless municipalities, FORE offers its partners and investors the benefit of a national network built on local relationships. Building on this specific model, FORE performs comprehensive due-diligence studies to fully vet all real estate transactions. Once the local development teams have fully analyzed potential projects, they present a project investment memorandum to FORE’s investment committee.
FORE maintains the capability to oversee the development of numerous communities at the same time. Ultimately, FORE holds the philosophy that property management is about the people who reside in its properties. This belief is what generates satisfaction from its residents, which the company says is its top priority. Fore Property Co. maintains this approach by operating with the most talented and personable property management professionals.
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