Onicx Investments, LLC a Tampa-based developer has released updated plans to build a high-rise apartment complex with at least 200 units. The development is planned on the Oak Street Parking lot that is adjacent to McKeel Elementary Academy. Lakeland-based architectural firm The Lunz Group will oversee the project. The development will replace surface-level parking and be downtown Lakeland’s first apartment complex.

The cost of the project is estimated to be upwards of $50 million. The units will be a mix of 50% studio and one-bedroom apartments, 25% two bedroom, and 25% townhomes. One-bedroom units will range from 550 to 800 square feet. The apartment building will be seven stories and have a leasing office and 2,100 square feet of ground floor retail. There will also be a four-story parking structure with 413 parking spaces. Only 130 of the parking spaces will be available for public use.

The developer currently faces a small but potentially costly issue. Lakeland Electric has a transformer on the southwest corner of the property where the main entrance is proposed due to its proximity to downtown. The developer would like to have the transformer moved to the northeast corner of the property – which has an estimated cost of over $150,000. The developer is otherwise ready to start construction by mid-summer.