LandQwest Commercial presents the latest Commercial Real Estate news across Central Florida for the week of March 11th, 2019.
Developer completes $41M land deal in Horizon West
An Oviedo residential developer has secured hundreds of acres in Horizon West, a master-planned community in southwest Orange County. Sun Terra Communities on March 4 purchased roughly 534 acres for $41.9 million, or about $78,464 an acre, southwest of the Hamlin community. The seller was the Ford and Ross families. CBRE Group Inc.’s (NYSE: CBRE) senior land broker Robert McEwan represented the sellers.
Exclusive: Orlando development group plans Winter Park lakefront hotel
An Orlando development group is in the preliminary planning stages to build a 120- to 140-room hotel in Winter Park along Lake Killarney. The project, called Hederson Hotel at Lake Killarney, is expected to be located on a roughly 2.5-acre site southwest of the intersection of Beachview and Orlando avenues, according to documents. The hotel may also include a 5,000- to 10,000-square-foot ballroom and a 264-car parking garage. The hotel would also have access to Lake Killarney.
The development team includes Adam Wonus, who owns Lake Mary-based Atrium Management Co., and Eric Holm, CEO of Winter Park-based Golden Corral franchisee Metro Corral Partners LLC.
Exclusive: Here’s the 2nd tenant headed to SunTrust’s new $133M downtown tower
Orlando-based HuntonBrady Architects — Central Florida’s largest architecture firm based on billings — plans to move into a tower it designed. The firm expects to relocate to a roughly 22,000-square-foot space in the soon-to-open $132.8 million, 600,000-square-foot, mixed-use SunTrust Plaza at Church Street Station in late 2019 from its current space at 800 N. Magnolia Ave. HuntonBrady was the project’s lead architect. HuntonBrady Architects, which has 32 licensed architects in the Orlando area, reported $29.3 million in 2016 Central Florida billings, according to OBJ research.
Proposed 31-story downtown Orlando tower property to formally hit the market
A 1.4-acre site at 110 W. Jefferson St. site in downtown Orlando that’s been proposed for projects ranging from a 31-story residential tower to the $1 billion Vertical Medical City is expected to formally hit the market next month.
The asking price for the site is around $15 million, said Robert Smith, president and founder of Orlando-based Smith Equities Real Estate Investment Advisors, who is marketing the property. The property was approved for 450 residential units, a 478-space detached parking garage and 13,464 square feet of ground-floor commercial use in August 2015 by Orlando City Council.
Winter Garden land under contract for 75-acre, mixed-use project
A pair of real estate companies are under contract for a mixed-use development near downtown Winter Garden. Orlando-based Bishop Beale Duncan and Charlotte, N.C.-based apartment company Crescent Communities LLC are under contract for about 75 acres southwest of State Road 429 and East Plant Street, said Whit Duncan, a partner at Bishop Beale Duncan. The property may be developed into apartments, office, retail and townhomes, but figures are still being worked out.
The development group has held meetings with the city of Winter Garden, but no formal plans have been submitted. It’s also conducting market studies to see demand for grocery stores, movie theaters and other retail in the area. It’s unclear when construction may start.
Shops, restaurants line up for former Colony Plaza hotel site — including a brewery
Several retailers have shown interest in an Ocoee project site that once was tangled in legal issues. Orlando-based Boyd Development Corp. expects construction to wrap up in April on the southwest corner of Colonial Drive and Maguire Road, with the first tenants moving in around third-quarter 2019 for the project’s first phase, which consists of 14,822 square feet in two buildings. No other development currently is proposed on the site once home to the Colony Plaza condo-hotel.
Click through the slideshow to see which tenants that may be going into the retail project, according to city of Ocoee documents. There’s still roughly 5,000 square feet of retail space.
Unique shops, eateries are on tap for Disney’s new Star Wars: Galaxy’s Edge
Walt Disney World needs to raise the bar on all aspects of its new Star Wars: Galaxy’s Edge land to make it one of the most iconic openings in the theme park industry. So, as The Walt Disney Co. (NYSE: DIS) builds the 14-acre Star Wars land in Disney’s Hollywood Studios in Orlando and Disneyland in California, what else can the company pay attention to to further immerse guests in the intergalactic storyline? Food and merchandise, of course.
Orlando International poised to become a Top 10 airport
Preliminary figures from Airports Council International show that the growing passenger traffic at Orlando International Airport — already the busiest airport in the state — should help it become one of the 10 busiest airports in the entire nation. Orlando International was the 11th-busiest airport in 2017.
The jump into the top 10 comes as Orlando International continues to experience monthly record-breaking traffic. Most recently, in January, passenger traffic increased by 5.4 percent overall, led by a nearly 16.5 percent increase in international travelers.
Stores see a future without ‘May I help you?’ (They’ll already have your data.)
The chief executive of Saks Fifth Avenue’s parent company said stores would eventually recognize customers as soon as they walked in. FedEx showcased a robot that it thinks could ultimately make same-day deliveries on its own. The mall operator Macerich described the movable walls and fixtures that it was using to construct new stores for online-only brands.
Thousands of retail and technology workers descended on Las Vegas last week for an annual industry gathering known as Shoptalk. There they shared the bets that they’re making on Americans’ evolving shopping habits and how they plan to maintain relevance in an era that’s changing faster than the spin of a roulette wheel.