Kennedy Wilson is a global real estate investment company with $36 billion in assets under management. Last October, Kennedy Wilson acquired Toll Brothers\u2019 Apartment Living platform, including its in-house development team and its interests in a portfolio of completed properties and assets under development, for a total purchase price of $347 million. This year, CEO William McMorrow and other executives joined with Fairfax Financial Holdings Limited to take the company private<\/a>. The merger closed in June.<\/p>\n The company\u2019s portfolio spans multiple markets in the U.S. and Europe, but this would be its first in Florida. The development team includes Kimley-Horn<\/a> and Dwell Design Studio<\/a>.<\/p>\n The property is owned by Bliss Healthcare<\/a>, which operates a medical clinic next door at 3901 E. Colonial Dr. Bliss Founder Dr. Roberto Ortiz has previously secured approvals for an expanded, 3-story medical office building<\/a> on the Herndon site, but those plans never moved forward.<\/p>\n This is the latest of several proposed multifamily developments on and around the mall property, all endorsed by city leaders eager to see the corridor transition from aged retail and office buildings into high-density residential and mixed-use developments. In 2021, Bancorp,\u00a0the owner of the mall building,\u00a0won approval for a master development plan<\/a> to replace everything except the Macy\u2019s store and a parking garage with new construction. The plan entitles the property for 1,400 residential units, a hotel plus another 177,000 square feet of new retail uses. But the bank, which holds a ground lease for the property, has yet to reach a deal with the landowners, led by Unicorp National Development\u2019s Chuck Whittall, for the sale of the asset.<\/p>\n Meanwhile, Mill Creek Residential Trust<\/a>, the nation\u2019s sixth-largest apartment developer, submitted plans for two apartment communities \u2014 Modera at Baldwin Park and Modera Baldwin Square \u2014 with over 700 combined units on Bennet Road, just east of the Herndon site. Those plans were approved by the city<\/a> in 2022 and 2024, but the developer has not closed on either site.<\/p>\n Closer to Downtown Orlando, Terrian Developments<\/a> broke ground in April on\u00a0Emi on 50, a nine-story\u00a0336-unit multifamily project in the Mills 50 district<\/a> on the southeast corner of East Colonial and Hampton Drive.<\/p>\n Orlando\u2019s apartment market continues to normalize after the post-COVID building boom that peaked in 2024 with over 15,000 new units delivered. The market ended 2025 with 11,367 units under construction, but new starts were down 12.6% year-over-year. \u00a0Marcus & Millichap\u2019s 2026 Mid-Year Market Report<\/a> projects that new multifamily completions this year will decline for the second year in a row, leading to improved absorption rates and modest rent increases.<\/p>\n Have a tip about Central Florida development? Contact me at\u00a0lkinsler@GrowthSpotter.com<\/a> or (407) 420-6261. Follow GrowthSpotter on\u00a0Facebook<\/a> and\u00a0LinkedIn<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"As plans to redevelop Orlando\u2019s beleaguered Fashion Square mall into a mixed-use destination continue to languish, another property…\n","protected":false},"author":2,"featured_media":347891,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[558,28,114,12114,1335,11477,139,141,140,480],"class_list":["post-347890","post","type-post","status-publish","format-standard","has-post-thumbnail","category-orlando","tag-business","tag-florida","tag-latest-headlines","tag-multifamily-residential","tag-orange-county","tag-orange-county-developments","tag-orlando","tag-orlando-headlines","tag-orlando-news","tag-real-estate"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/347890","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=347890"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/347890\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/347891"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=347890"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=347890"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=347890"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Apartment](\"https:\/\/www.newsbeep.com\/us-fl\/wp-content\/uploads\/2026\/07\/TGS-L-bliss-herndon-mf.jpg\")
Apartment developer Kennedy Wilson is the applicant for the new project at 815 Herndon Ave., on the former Bliss Healthcare site. (Rendering by Dwell Design Studio)<\/p>\n