In a recent meeting held at the Orange Village City Hall, council members and developers discussed an ambitious new luxury apartment project that promises to reshape the local landscape. The proposed development, spanning approximately 20 acres, aims to introduce high-end living spaces complete with extensive amenities, including fitness centers, business lounges, and concierge services.

The developers emphasized the project's potential economic benefits, noting that it is a non-TIF (Tax Increment Financing) initiative. This means that all property taxes generated will directly support the village and its school district. Current estimates suggest that the project could yield around $600,000 in property taxes annually, potentially rising to $700,000 by the time the project is completed in about a year and a half. The anticipated construction costs are substantial, with projections of around $50 million for two buildings, which will house between 60 to 77 residential units.

Council members highlighted that the influx of residents from these luxury apartments could significantly boost local revenue. With rental prices expected to range from $3 to $5 per square foot, the demographic likely to inhabit these units is anticipated to be in the upper income brackets, further contributing to the village's income tax base. The developers also pointed out that the project is designed to attract a limited number of school-age children, estimating only about 10 new students could enroll, which would ease concerns about school capacity.

The meeting also touched on the unique features of the development, including doorman services and a variety of communal spaces that are currently lacking in the area. The developers noted that comparable properties are scarce, with only two other similar developments in the vicinity. This project aims to fill a niche for luxury living that has not been previously available in Orange Village.

As the council deliberates on the proposal, the community watches closely, recognizing the potential for both economic growth and a shift in the local demographic landscape. The outcome of this project could set a precedent for future developments in the area, making it a pivotal moment for Orange Village.