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Anatomy of a Deal: How Mike Wright bet on Apopka & a highway interchange (Pt. 2)

July 6, 2016 By Jessica Jones

Written by: Bob Moser, Contact Writer, GrowthSpotter

When Winter Park-based MMI Development broke ground this month on a 272-unit first phase of Marden Ridge Apartments in Apopka, Michael E. Wright allowed himself a brief sigh of relief.

He’d spent the past four years scaling a political mountain and charting new territory for local infrastructure development to get to this point. All for the privilege to develop 114 landlocked acres that one of the nation’s top homebuilders had discarded, and to build a highway interchange on his own dime, with the hope surrounding growth would reimburse him.

As GrowthSpotter detailed in Part I of this Anatomy of a Deal series, Wright saw potential during the depths of the recession in Maitland and Apopka property that most deemed undevelopable. He’d bank more than $7.1 million on deeds alone, and commit millions more to public infrastructure, driven in part by a desire to prove naysayers wrong.

In Part II below, we pick up in 2013, when Wright would get a glimpse into Apopka’s future and move quickly to invest.

Read the rest of this story at GrowthSpotter, which details how Wright identified value-add land in Apopka, formulated a plan with local government for new infrastructure, and found a new multi-family partner in Ohio.

Filed Under: Latest News

Anatomy of a Deal: How Mike Wright saw gold in a Maitland trash dump (Pt. 1)

July 6, 2016 By Jessica Jones

Written by: Bob Moser, Contact Reporter, GrowthSpotter

Orlando’s ultimate contrarian buyer, Michael E. Wright of MMI Development saw potential during the depths of the recession in land serving as an illegal dump along Maitland Boulevard, and expressway frontage landlocked in Apopka.

Patience and foresight would lead him to buy eight parcels from 27 stakeholders over an eight-year period, with roughly 150 acres assembled between the two sites. He spent more than $7.1 million on deeds alone, and is investing millions more in public infrastructure and wetlands mitigation.

How he acquired the land, and jumped through a seemingly endless array of government hoops to rezone and entitle it, is a compelling real estate story. This is Part I of GrowthSpotter‘s two-part Anatomy of a Deal series.

Read the rest of this story at GrowthSpotter, and learn who introduced Wright to the land opportunity in Maitland, how he came to meet a now trusted government advisor, and how five wildly different parcel acquisitions were negotiated with unique sellers.

 

Filed Under: Latest News

$101M worth of Apartment Projects planned in Central Florida

February 1, 2016 By Jessica Jones

A Northeast Ohio developer finalized a deal this week to bring new Class A apartment complexes in Central Florida.

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Filed Under: Latest News

City of Apopka – Marden Road Interchange

October 9, 2015 By Jessica Jones

Channel 9 News – wftv.com – Developer uses own money to build SR 414 ramp

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Maitland West – Site Cleanup

October 9, 2015 By Jessica Jones

Channel 9 News – wftv.com – Maitland Property used as dumping ground

Filed Under: Latest News

New project to bring 315 apartments, more to Maitland

July 29, 2015 By Jessica Jones

The Maitland City Council on July 27 gave the OK to Maitland West, a 38-acre complex just up the road from the RDV Sportsplex that will include 315 apartments, retail and office space, and a 120-room hotel.

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Filed Under: Latest News

Apopka expects boom near medical campus

March 26, 2015 By Jessica Jones

City puts hold on land-use changes to ‘get it right’

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Maitland annexes 49 acres, apartment complex

December 10, 2014 By Jessica Jones

Maitland City Council approved the annexation of 49 acres from Orange County, adding both a 272-unit apartment complex and the site of a proposed 36-acre mixed-use development.

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Filed Under: Latest News

Multifamily Project in Apopka

December 9, 2014 By Jessica Jones

New $43.5M apartment complex planned near Florida Hospital Apopka

Planning is underway on a new apartment complex near the new Florida Hospital Apopka, the first phase of a larger, mixed-use development envisioned for the area. Winter Park-based MMI Development Inc. plans to develop Marden Ridge, a new 272-unit apartment complex on Marden Road near the intersection of the Maitland Boulevard extension and the Western Beltway, or State Road 429.

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Filed Under: Latest News

Mixed-Use Project Near Maitland

October 21, 2014 By MMI

Developer plans 23-acre, mixed-use project near Maitland

A local real estate management and development firm is planning a mixed-use project near Maitland similar to downtown Orlando’s 22-acre, $100 million SoDo, which features shops, apartments, office space and restaurants.

Baldwin Park-based Maitland Blvd. Apts Assoc. LLP, whose general partner is MMI Development Inc.’s principal Michael Wright, expects to hire a planning firm by this summer to put together a new master plan for its 23-acre site at Maitland Boulevard and State Road 434.

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Filed Under: Latest News

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MMI Development Partners

At MMI Development, we know that success depends on the right partnerships. We’re uniquely positioned in the industry because of our resources. Below are the architects, engineers, and other development professionals with whom we partner to deliver the best results. Equity Partners Galaxy Realty Capital, LLC Six Pines Realty Demetree Global Lender First Green Bank … Learn More

MMI Latest News

Written by: Bob Moser, Contact Writer, GrowthSpotter When Winter Park-based MMI Development broke ground this month on a 272-unit first phase of … Read More

Written by: Bob Moser, Contact Reporter, GrowthSpotter Orlando’s ultimate contrarian buyer, Michael E. Wright of MMI Development saw potential … Read More

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