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Winter Park is looking to change its land-use policies in the coming months in order to encourage and incentivize new development along the south side of W. Fairbanks Avenue between I-4 and Nicolet Avenue.
The well-traveled roadway serves as a main gateway into the city, but most buildings within this 66.8-acre stretch have stood since at least the 1980s, according to a recent study by planning and design firm Inspire Placemaking Collective, which was tabbed by the city to help with the effort.
Inspire also determined that this section of Fairbanks — which includes 22 acres of unincorporated Orange County — consists of 31 vacant privately-owned properties, mostly near the I-4 interchange.
At a planning and zoning commission on Aug. 22, Eric Raasch, principal with Inspire, gave examples of how other cities in Florida have adjusted codes to spur development in targeted areas.
It’s yet to be determined what specific changes, if any, Winter Park will make. The Winter Park City Commission is expected to hash out a game plan for West Fairbanks Avenue at a special work session scheduled for September 14.
He said that one area of focus for redevelopment is an aged-out industrial corridor along the south side of Fairbanks Avenue between Clay Street and Nicolet Avenue.
Source: GrowthSpotter
Encore Capital Management has secured a $42 million bridge loan for The Promenade at Sunset Walk – Margaritaville Resort, a 192,659-square-foot retail center in Kissimmee.
Concord Summit Capital sourced the financing, which was provided by BridgeInvest, and advised the borrower. The funds will repay the construction loan and provide the developer with cash out at closing.
Completed in 2019 and 2020, the property comprises 14 buildings on an 11-acre lot, part of the 325-acre Sunset Walk master-planned mixed-use entertainment community. The property is nearly 100 percent leased, with only one vacant pad space. Tenants include Studio Movie Grill, Ford’s Garage, Cold Stone Creamery and BurgerFi.
Located at 3280 Margaritaville Blvd., The Promenade at Sunset Park is near highways 192 and 429 and is roughly 25 miles southeast of Orlando. It is also less than 3 miles from the Walt Disney World Resort, as well as near the Orange Lake Golf Course.
Concord Summit Capital Chairman Kevin O’Grady and Managing Director Justin Neelis represented the borrower and arranged the financing. The two firms have long collaborated, Concord providing financing for all aspects of the Sunset Walk community’s development. That included $54 million for a 300-unit condominium hotel, $98.4 million for the Margaritaville Resort, the project’s centerpiece, and $60.3 million for the Sunset Walk Apartments.
Source: CPE
Miller Construction Company has begun site work on an 80,000-square-foot warehouse for MSI in Orlando.
MSI is the leading nationwide distributor of flooring, countertops, wall tile and hardscaping products in North America. The build-to-suit project will serve the company’s evolving storage and distribution needs in the Southeast. Located at
“Central Florida has had immense growth over the last few years with many major businesses setting up shop locally and we are excited to partner with MSI on their first project in the area,” said Brian Sudduth, President of Miller Construction. “Our firm plans to execute our construction plan efficiently with top-notch service and reliability for our client.”
The warehouse will have 25 columns with 50-foot by 54-foot spacing, 29 parking spots, 13 dock doors (some with recessed truck wells for deliveries), full warehouse lighting, exhaust fans and louvers. Miller will also include tenant buildouts of four private office spaces and one open office space measuring roughly 9,500 square feet.
Additionally, Miller’s team is installing a unique internal crane rail system to lift and move flooring and countertop products around the warehouse. MSI has valued Miller’s preconstruction team during the planning process as the site is extremely tight for a tilt-wall construction project. Precision will be key for the team with only about eight feet of clearance between the neighboring Tesla Dealership on the south side of the property line.
The project team includes Eleven18 Architecture, Construction Engineering Group (MEP), Gutherman Structural Inc. (structural) and NV5 (civil).
Source: CRE-sources
Global investment company PPF Real Estate has revealed plans to bring a sizable, high-density mixed-use project to a portion of the property situated along John Young Parkway close to Universal's new Epic Universe theme park, nearly two years after breaking a Central Florida record by paying $315 million for SouthPark Center, an Orlando office park.
In order to create a PD with entitlements for 2,406 multifamily apartments, or 50 units per acre, and more than 1.75 million square feet of commercial and retail space, the business submitted an application to Orange County on August 21. On the location of the SouthPark Center, development plans also include for a hotel with 185 rooms and a parking structure.
A nine-parcel area of SouthPark Center with five fully leased office buildings totaling 670,000 square feet is the subject of the planned new development. According to Aaron Smith, managing director of PPF Real Estate, those structures will stay in place.
The land owner is asking for ten waivers in relation to building height, building separation, setbacks, and parking, per the application papers. Instead of the three levels permitted by county regulation, apartment buildings might be up to seven stories.
The hotel is expected to have 12 floors, compared to the seven stories (or 100 feet) of other commercial and retail structures. Commercial structures may be up to 50 feet tall according to county ordinance.
Additionally, a waiver is being requested so that multifamily structures can have a minimum distance of 20 feet instead of the 40 feet required for three-story buildings.
According to a land-use plan created by Kimley-Horn, these waiver requests "will allow for a vertically integrated, dense urban mixed-use development."
The development plan specifies a 15-foot separation between residential and commercial structures and main roadways. For commercial structures, the county code mandates 40-foot setbacks, whereas residential products are required to have 50-foot setbacks.
The waivers "allow for a more dense unified mixed-use development," according to the land-use plan. The suggested distance will enable development consistent with the county's preferred urban form for new and infill development because many of the additional buildings being proposed are mixed-use structures.
According to the application materials, 400,000 square feet of the commercial space will be vertically integrated with multifamily housing within the same building.
According to Smith, the objective is to have the land-use plan authorized and the necessary entitlements in place before looking for developers to complete the project.
Ten structures totaling 1.25 million square feet are part of the 162 acre park. 31 acres of the park's open space are suitable for development.
As four developers are looking to use Florida’s new Live Local Act to deliver lower-cost apartments to the Orlando area, Orange County established its playbook on how projects like these should be handled and where they’re allowed to go.
Some worry the policy, adopted by the commission on Aug. 8, is too restrictive and could actually derail good affordable housing projects. Developers looking to use Live Local to build on commercial property within 100 feet of a single-family home would be limited to constructing only townhomes or quadplexes, per the county’s rules.
County officials say the provision reflects what’s already in the county code regarding multifamily development projects.
The Live Local Act, which was signed by Gov. Ron DeSantis in March and took effect on July 1, requires counties and cities to approve a multifamily development project in an area already zoned for commercial, industrial, or mixed-use if at least 40% of the units are affordable for households making up to 120% of the Area Median Income.
According to the county’s policy, Live Local projects would be prohibited on land with a PD (planned development) designation. PDs make up the majority of the land across unincorporated Orange County, covering approximately 92,308 acres, according to county data. These are where most multifamily projects are built.
A developer from Winter Garden has acquired two prominent sites in Clermont's Plaza Collina mixed-use development.
According to Lake County records, a corporation connected to WMG Development paid $8.6 million on August 9 for nearby properties totaling 5.7 acres, or slightly more than $1.5 million per acre.
Plaza Collina (Orlando) ASLI VI LLLP, a company connected to the Avanti Properties Group of Winter Park, was the seller.
The properties border State Road 50 and are situated next to the 19.7-acre pparcel that Avanti Properties sold to Costco in November 2022 for $7.35 million. The 151,000-square-foot Costco is currently under construction.
Source: SFBJ
EML Realty Partners, based in Jupiter, FL, announced the acquisition of Cape Canaveral Industrial Campus, which is comprised of three buildings totaling over 37,000 square feet.
The property, located at 250-270 W Central Ave, was purchased for $4,125,000, and is occupied by Patrick Industries, a public company that owns the brand Sea-Dek/Castaway Customs. Prior to Patrick Industries leasing the property, it was leased to Boeing Corporation for many years.
“This property offers significant upside as the Cape Canaveral port and space coast areas continue to develop around this property. Elon Musk and Jeff Bezos are investing billions in this space coast area and there is very limited supply of industrial properties around the port, said Eric M. Levitt, founder of EML Realty Partners. “This industrial complex is very functional and can serve many different types of businesses, and it fits well with all the other EML properties in the treasure and space coast areas.”
EML Realty Partners specializes in the acquisition of opportunistic commercial real estate investments, specializing in value-add industrial all over the state of Florida. Prior to moving to Florida, EML Realty Partners was a very active and well-respected real estate firm in the Mid-Atlantic region.
New restaurants, shops, offices, and a hotel could be coming to land just east of the Sanford Orlando Airport, next to where a Publix shopping center is going up.
Local land developer Sadique Jaffer is looking to bring a commercial center called Queens Crossing to nearly 27 acres along E. Lake Mary Boulevard just south of S.R. 46, according to plans filed recently to the St. John’s River Water Management District.
The project site is directly next to where Ontario-based North American Development Group is building Kings Crossing, a Publix-anchored shopping center with a neighboring 244-unit apartment community. The company took out financing on May 1 for $19.9 million from Manufacturers and Traders Trust Company and started construction the next day, according to a notice of commencement filed to the county.
When NADG purchased the property in late 2022 for $5.5 million, Paul P. Partyka, a managing partner with NAI Realvest who brokered the deal, predicted that the Kings Crossing project would be a “development catalyst for an area that serves as a gateway to Seminole County.”
Enter Queens Crossing.
Plans drafted by Z Development Services call for a four-story, 113-room hotel along with nine commercial buildings totaling 81,490 square feet.
The project designates 47,040 square feet to retail space, 19,400 square feet to office space, and 9,650 square feet to restaurant space. Plans also include a car wash totaling 5,400 square feet.
The hotel would go directly behind the Publix shopping center that’s being built for Kings Crossing. Application materials filed to the water management district don’t indicate what brand the hotel will carry.
An entity affiliated with Jaffer’s company purchased the Queens Crossing project site in 2010 for $2.6 million, according to deed records.
The 2023 Florida Realtors Convention & Trade Expo is scheduled for August 16-17 at the Rosen Shingle Creek in Orlando.
There’s something for everyone at this annual event. Anyone who’s connected to the business of real estate has something to gain and learn by attending this event. Real estate isn’t just about selling properties; it’s about connecting so that business is better for all. Many of the attendees are sales associates and brokers. In the mix, you’ll also find:
Click HERE for more details.
This two-day classroom course with Blaine Strickland, CCIM, HBS Resource Holding Company CEO provides agents, brokers, students, and allied professionals with an understanding of the skills, resources, and business practices that pave the way for success in commercial real estate. Through real-world case studies you will learn how to analyze leases and investment value, and develop a plan to kick-start your career.
This course will be held:
September 14 & 15, 2023 8 AM – 5PM Bethune-Cookman University
215 North Lincoln Street Daytona Beach, FL 32114
Click HERE To Register
After taking this course, you will be able to:
Learn in a traditional classroom environment. Interact and network with other professionals in a collaborative, small-group setting.
Tech Requirements:
This course may require the use of a laptop or desktop computer with full Excel capabilities. Mobile devices, like iPads, tablets, and cellphones, will not run CCIM Institute's macro-enabled spreadsheets.
PC: Microsoft Office 2000 or higher is necessary to run the CCIM Institute macro-enabled spreadsheets.
Mac: Mac versions of Microsoft Office 2004, 2011, 2016, or 365 are required to run the CCIM Institute macro-enabled spreadsheets.
Browser: CCIM Institute courses are optimized for use with the Google Chrome web browser.
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