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(RECAP: Former Fed Chairman Ben Bernanke thinks policymakers should give serious thought to implementing negative rates. The man who led the U.S. central bank immediately before Janet Yellendoesn’t believe his former colleagues should rush to that kind of ultra-aggressive policy stance. But of all the options the Fed has for stimulus, going to negative rates may not be as drastic as it seems, Bernanke said in a blog post this week. Negative rates essentially involve charging depositors to keep money in the banking system, or, as in the case of the fixed income markets, charging buyers of government bonds to lend money. Central bankers in Europe and Japan have instituted negative rates as another means to stimulate their respective economies. More than $11 trillion in global sovereign debt currently carries negative yields. The results have been mixed at best, with inflation levels remaining muted and economic growth sluggish.)
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ORLANDO, FL – Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., announces the start of construction on Modera by Mill Creek, Central. The community is projected to debut in the fall of 2018 as the premier mixed-use residential and retail community in the Downtown Orlando area.
The community will be located on the block connecting Rosalind Avenue and East Central Boulevard on a lot that was bought from the long-standing University Club of Orlando. Joining the Orlando skyline overlooking Lake Eola, the 22-tale high rise will house approximately 12,500 square feet of ground floor retail space, 350 apartment homes and a perfectly reimagined University Club spanning 25,000 square feet on four levels.
In a symbolic tribute to the intersection of traditional and modern development, the University Club will stand in the same place it has been located since 1960. Construction on Modera by Mill Creek, Central will start this year, and will be constructed by its affiliated general contracting group. Cushman & Wakefield’s Orlando office represented the University Club in the sale.
“Throughout the plotting process, we’ve had the opportunity to forge invaluable relationships with both city officials and longstanding members at the University Club,” said Todd Bleakley, vice president of development in North Florida for Mill Creek Residential. “These relationships have allowed us to start developing a community that fits the specific needs of the Club, the city and our future residents.”
Chad DuBeau, senior managing director for Mill Creek Residential, added: “Providing a modern residential space that promotes a social, active lifestyle in addition to benefiting the community at large has always been top of mind for the team at Mill Creek.”
The site’s strategic location positions Modera by Mill Creek, Central in the epicenter of South Eola and the Central Business District, bridging the gap between work and recreational destinations in the city. Modera by Mill Creek, Central’s outdoor amenities, including an elevated pool deck, are specially designed to optimize picturesque views of the city and the lake. In addition to on-site retail space and innovative amenities, the future community sits within walking distance of more than 120 restaurants and nightlife establishments, Downtown’s sole grocery store and Lake Eola Park, boasting an impressive Walk Score of 94.
In recent years, the evolution of Downtown Orlando has been a focus area for the city’s leadership. Significant increases in the Downtown Orlando job market have sparked investments in entertainment venues, Interstate-4, SunRail and the University of Central Florida, among other area institutions, to make a more accessible and diverse Downtown area. The addition of Modera by Mill Creek, Central as a residential community, retail opportunity and privately-held club provides a desired destination to accommodate the prospering city, growing population and its highly coveted business district, while remaining in close proximity to residential and entertainment centers.
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