Ustler Development

What Ustler Development does

Ustler Development, Inc. is a privately held Orlando, Florida-based commercial real estate development company founded in 1998 by Craig Ustler. Operating as part of the broader Ustler Group of Companies (which also includes Ustler Properties, Inc. for brokerage, plus jointly-controlled VelocityRED and Black Elk Group for development and consulting), the firm functions as developer, project manager, and chief administrator for mixed-use urban infill projects in Downtown Orlando. Its flagship asset is the master developer role at Creative Village — a planned $1 billion, 68-acre, transit-oriented redevelopment of the former Amway Arena site. Phase 1 of Creative Village completed in August 2022 represented over $700 million in development activity and established 8,000+ students/faculty/staff, 2,500 residents and 1,000+ professionals on-site.

The company's product surface spans mixed-use developments (Thornton Park Central, 801 North Orange, UnionWest, Parcel H), market-rate and student apartments (The Ivy, Alta at Health Village, The Julian, UnionWest beds), corporate office buildings (GAI Building, EA Orlando Studio, 800 North Orange), hospitality (Residence Inn by Marriott), and a restaurant operations platform (Reyes Mezcaleria, The Monroe, Osteria Ester) developed in partnership with Good Salt Restaurant Group. Underlying methodology centers on transit-oriented and LEED-certified sustainable urban design, with completed properties typically sold to institutional investors upon stabilization. The firm has also held a brokerage arm (Ustler Properties) serving both internal projects and select third-party clients.

Ustler's revenue model combines developer and co-developer fees, joint venture promote economics with financial partners (Banc of America CDC, Allen Morris Company, Wood Partners, Development Ventures Group, Pinnacle Hotel Management), property sales to institutional buyers (e.g., Denholtz Properties acquired GAI Building for $32.5M in 2022; UnionWest sold in 2024 as Orlando's largest multifamily transaction that year), brokerage commissions, and restaurant operating income. Go-to-market is exclusively enterprise field sales and JV/channel partnerships — there is no direct-to-consumer motion. Customer segments span higher education institutions (UCF, Valencia College), corporate tenants (Electronic Arts, GAI Consultants), residential renters, institutional investors and developers, and restaurant operators. Pricing is project-specific and not publicly disclosed, with individual project values ranging from $5.2M to $108M.

Name

Ustler Development

Legal name

Ustler Development, Inc.

Website

https://ustler.net

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

11–50 employees

Short description

Ustler Development is a privately held Orlando commercial real estate developer founded in 1998, best known as master developer of the $1 billion Creative Village district. It delivers mixed-use, transit-oriented projects for corporate tenants, higher education institutions, and institutional investors across Downtown Orlando.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Development

NAICS

Industrial Building Construction (23621)

SIC

Land Subdividers & Developers (No Cemeteries) (6552), General Bldg Contractors - Nonresidential Bldgs (1540), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Renovation, Remodeling & Tenant Improvements (General Contracting) (IMAFAAAE)

akta.pro secondary industries

Community Engagement & Participatory Planning (BPAHAKAO), Land Brokerage (Raw Land & Development Sites) (FSAEAJAD)

Keywords

• Commercial real estate development
• Mixed-use development
• Urban infill development
• Transit-oriented development
• Commercial property brokerage

Headquarters

HQ city

Orlando

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Development Fees: Developer, project manager and chief administrator for commercial real estate developments. Earns development fees as master developer of Creative Village and other projects.
2. Joint Venture Revenue: Revenue from joint venture partnerships with financial institutions like Banc of America CDC, development companies like Allen Morris Company, Wood Partners, and others. Phase 1 of Creative Village represents over $700 million in development activity.
3. Property Sales: Development and sale of completed projects including The Julian Apartments ($108M), UnionWest ($105M), and GAI Building ($32M). Properties are sold to institutional investors upon completion.
4. Commercial Brokerage: Ustler Properties, Inc. provides commercial real estate brokerage services for Ustler Group projects and select third-party clients.
5. Restaurant Operations: Restaurant ownership and partnership interests in multiple Downtown Orlando restaurants including Reyes Mezcaleria, The Monroe, Osteria Ester, and former concepts (Citrus, HUE, CityFish, etc.)

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Ustler Development is the developer, project manager, and chief administrator for commercial real estate developments operating as part of the Ustler Group of Companies. The firm delivers end-to-end real estate development services including site acquisition, entitlements, design management, construction oversight, and project delivery, most notably as master developer of Creative Village, a 68-acre, $1 billion transit-oriented mixed-use redevelopment in Downtown Orlando. Complementary offerings include commercial real estate brokerage (Ustler Properties, Inc.), co-development partnerships, and restaurant ownership and operations.

Product overview

Ustler Development is a portfolio of real estate development companies offering commercial real estate development, project management, brokerage, investment and consulting services. The core offering consists of Ustler Development, Inc. (primary developer), Ustler Properties, Inc. (brokerage), VelocityRED and Black Elk Group (development/investment partners). The company specializes in mixed-use urban development projects including the flagship Creative Village 68-acre development, along with residential apartments, commercial office buildings, hospitality properties, and restaurant operations. Projects are typically co-developed with partners and range from $5.2 million to $108 million in value.

Differentiator

Problem solved

Functional benefit

Products and services

• Ustler Development, Inc. – Commercial Real Estate Development Services End-to-end commercial real estate development including site acquisition, entitlements, design management, construction oversight, and project delivery for mixed-use, commercial, residential, and hospitality projects in Downtown Orlando. Serves as master developer of Creative Village.
• Ustler Properties, Inc. – Commercial Real Estate Brokerage Commercial real estate brokerage for Ustler Group projects and select third-party clients, providing transaction representation in the Orlando market.
• Creative Village Master Development 68-acre, $1 billion transit-oriented, mixed-use urban infill redevelopment at the former Amway Arena site in Downtown Orlando. Phase 1 includes UCF and Valencia College downtown campus, Electronic Arts Orlando Studio, and the UnionWest and Julian apartment projects.
• Creative Village – Parcel H 7-story mixed-use development with 112 apartments, 22,000 square feet of commercial/retail/office space, and integrated parking garage. $60 million project at Creative Village.
• Reyes Mezcaleria Restaurant Regionally inspired Mexican cuisine restaurant at North Quarter, Downtown Orlando. 5,900 SF with approximately 150 seats. Operated by Good Salt Restaurant Group at Ustler property.
• The Monroe Restaurant Diverse social gathering place restaurant at Creative Village with main dining room, bar, lounge/study, semi-private dining, front porch and backyard patio. Operated by Good Salt Restaurant Group at Ustler property.
• Osteria Ester Restaurant Italian-American restaurant featuring handmade pastas, warm hospitality and neighborhood atmosphere at Thornton Park Central, Downtown Orlando. Operated by Good Salt Restaurant Group at Ustler property.

Quantifiable outcome

• Phase 1 of Creative Village completed in August 2022 with over $700 million in development activity
• +3 more outcomes

Named customers8 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• Electronic ArtscoreStrategic or Co-development Partner · 1 January 2021Corporate anchor tenant at Creative Village. $62 million, 176,000 SF office studio completed October 2021, home to over 1,000 professionals.
• Allen Morris CompanycoreStrategic or Co-development Partner · 1 January 2020Co-development partner on The Julian Apartments at Creative Village ($108 million, 409 units, 14-story, completed August 2020).
• Development Ventures Group, Inc.coreStrategic or Co-development Partner · 1 January 2019Development partner with Ustler Group of Companies on UnionWest Student Housing Project ($105 million, completed August 2019).
• University of Central Florida (UCF)coreStrategic or Co-development Partner · 1 January 2019Major tenant at Creative Village with downtown campus and 105,000 SF academic space at UnionWest. Over 8,000 students/faculty/staff at Creative Village.
• Valencia CollegecoreStrategic or Co-development Partner · 1 January 2019Joint campus partner with UCF at Creative Village with 105,000 SF academic space at UnionWest.
• Good Salt Restaurant Group (Jason and Sue Chin)coreStrategic or Co-development Partner · 1 January 2017Operating partners developing restaurant concepts at Ustler properties including Reyes Mezcaleria (opened 2017), The Monroe (opened 2021), and Osteria Ester (opened 2025).
• Pinnacle Hotel ManagementminorStrategic or Co-development Partner · 1 January 2015Development partner on Residence Inn by Marriott ($27 million, 138 rooms, completed July 2015) at Colonial Drive and Orange Avenue.
• Wood PartnerscoreStrategic or Co-development Partner · 1 January 2014Co-development partner on Alta at Health Village ($75 million, 285 units, completed January 2022) and The Ivy ($38 million, 248 units, completed Fall 2014).
• Tom UstlercoreStrategic or Co-development Partner · 1 January 2011Partnership with brother Tom Ustler on GAI Building ($32 million, completed 2011) and 801 North Orange ($25 million, completed 2006).
• Phil RampyminorStrategic or Co-development Partner · 1 January 2001Early partnership with Phil Rampy on Thornton Park Central ($31 million, completed 2001) - award-winning mixed-use project.
• Creative Village Orlando, LLCcoreStrategic or Co-development PartnerLocal development team led by Craig Ustler partnering with Banc of America CDC for the $1 billion Creative Village master development.
• Urban Think FoundationminorOthersLegacy foundation from Urban Think Bookstore (2001) and Urban Rethink co-working (2010) developed by Craig Ustler and partners. Develops educational, creative and literary programs including Page 15 and Burrow Press.

Scale indicators12 records

Recent moves7 records

Expansion highlights4 records

Broad incumbents

• Crescent Communities: Crescent Communities is a Charlotte-based diversified real estate developer active in multifamily, office, and mixed-use projects across the Southeast. Its urban infill and transit-oriented multifamily strategy is comparable to Ustler's Creative Village playbook.
• Tishman Speyer: Tishman Speyer is a global real estate developer and investor with deep experience in large-scale mixed-use and urban infill projects. While operating at a much larger scale and global footprint, it shares Ustler's approach of master-developing transformational mixed-use districts with institutional anchor tenants.
• AvalonBay Communities: AvalonBay is a national multifamily REIT active in developing and acquiring urban, transit-oriented apartment communities. It is a potential acquirer of Ustler's completed multifamily projects (like UnionWest) and competes in the urban infill rental market.
• Lincoln Property Company: Lincoln Property Company is one of the largest diversified real estate firms in the U.S., active in multifamily development, commercial brokerage, and property management. Its commercial brokerage and multifamily development arms compete with Ustler Properties and Ustler Development, respectively.
• Related Companies: Related Companies is a national developer of large-scale mixed-use and urban infill projects (Hudson Yards, CityPlace). While much larger and broader geographically, its master-planning approach to mixed-use districts is comparable to Ustler's Creative Village model.

Direct peers

• The Pizzuti Companies: Pizzuti Companies is a Columbus-based real estate developer specializing in mixed-use, multifamily, and office developments across the U.S. It is a direct peer in master-planned mixed-use projects, with comparable scale and institutional partnerships.
• Unicorp National Developments: Unicorp is an Orlando-based commercial real estate developer known for large mixed-use projects (e.g., Hourglass District, Skyhouse Orlando). It is the closest regional direct peer, competing with Ustler in Central Florida mixed-use and urban infill development.
• The Allen Morris Company: Allen Morris Company is a Miami-based commercial real estate development firm that co-developed The Julian Apartments ($108M) at Creative Village with Ustler. It is a direct peer in Central/South Florida urban infill multifamily and mixed-use development, with a similarly long operating history.
• Wood Partners: Wood Partners is a national multifamily developer that has co-developed Alta at Health Village ($75M) and The Ivy ($38M) with Ustler. It is a direct peer in transit-oriented multifamily development, though operating at significantly larger national scale.

Others

• Urban Land Institute: ULI is the leading industry organization supporting urban real estate development best practices. Ustler is a supporter and partner through Craig Ustler's involvement. It is not a competitor but represents the broader ecosystem the firm participates in for TOD and urban infill research/standards.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/ustler-development-inc.

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ustler Development