A sprawling, undeveloped stretch of land along South Semoran Boulevard in Orlando could soon give way to 616 apartments, two swimming pools, two clubhouses and a network of pedestrian trails under a zoning application now working its way through the city. The proposal, known as Mosby Lake Conway Apartments, would rise on 51.2 acres split between 4900 and 5106 S. Semoran Blvd. in Orange County.
The site is described as one of the largest undeveloped parcels along the Orange County portion of the Semoran corridor, according to bizjournals.com, which reported that unidentified developers are seeking zoning approval for the 616-unit build. Property records reviewed by realtor.com list the zoning at the 4900 S. Semoran Blvd. address as R-3 B/RP/AN, though the parcel is currently zoned R-3B/AN, R-3B/RP/AN and R-3/RP/AN/SP under the Semoran Gateway Special Plan, per Florida YIMBY. The developer's application, filed by engineering firm Kimley-Horn, seeks to rezone the parcel to RES-MED and RES-MED/RES-PRO, according to the same outlet.
A Two-Phase Build With Hundreds of Units
Florida YIMBY reports that Mosby Lake Conway Apartments would be built in two phases, each anchored by six four-story buildings. The first phase would bring 310 units, while the second phase would add another 306, for a combined 616 residences across the site. The outlet notes the site is currently undeveloped and owned by Rawjee Holdings LLC.
Unit types would range from studios up to three-bedroom homes, with studios topping out at 750 square feet, per the Orlando Business Journal as cited by the same report. Plans also call for 1,049 surface parking spots, two retention ponds, and pedestrian trails threading through the property in addition to the pools and clubhouses. Florida YIMBY frames the project as an effort to meet growing housing demand in Central Florida.
How the Project Fits Into Orlando's Apartment Market
The proposal arrives as Orlando's multifamily market shows signs of cooling after a stretch of rapid growth. Vacancy edged down in the first quarter of 2026 as absorption outpaced new deliveries, though the rate remained 70 basis points higher than a year earlier, according to northmarq.com. Class A properties posted a 10.4% vacancy rate in that quarter, compared with 6.2% for combined Class B and Class C buildings, the firm's analysis found.
Rents declined at the start of 2026 after nearly two years of quarterly growth, though they remained slightly above year-ago levels, per the same report. Roughly 40% of the region's construction pipeline is concentrated in the International Drive and Northwest submarkets, while permitting activity in the first quarter tracked at less than half the five-year first-quarter average. Even so, the analysis points to roughly 15,000 new jobs projected for Orlando in 2026 as a demand foundation for future housing.
Multifamily cap rates in the region averaged between 5.25% and 5.75% year to date as of the first quarter, and the median price for transactions that closed in that period was $192,300 per unit, the northmarq.com data shows. About 9,100 multifamily units are scheduled for delivery across Orlando during 2026, well below 2025 levels, according to the same source.
