(ORLANDO, FL) -- Avalon Park Group, headed by former Swiss banker Beat Kahli, plans to break ground in early 2010 on a multi-million-dollar seniors residential facility in the master-planned east Orlando community of Avalon Park.

Beat Kahli

Kahli didn't disclose the anticipated construction cost of the 250,000-square-foot, 309-unit development. However, industry sources familiar with comparable projects, tell Real Estate Channel the project will probably come in at a minimum hard cost of $200 per square foot or $50 million.

The project is expected to give metro Orlando a long-sought boost in new construction projects.

Kahli says Avalon Park Group town planner Ross Halle is designing the four-story facility to house 225 independent living units and 84 assisted living units.

The design plans, for approval and permitting, are expected to be submitted to Orange County officials later this year.

Kahli says Avalon Park is planned to accommodate about 5,000 single family and town homes, more than 500,000 square feet of commercial space and miles of bike and jogging paths that connect Avalon Park neighborhoods with downtown Avalon Parks' medical offices, schools, Publix supermarket, gas station, dining and shopping.

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