JV developers close on high-traffic corner in downtown Orlando, prep for new retail

An affiliate of local developer Liberty Investment Properties paid $3.7 million last week for a prominent corner parcel in downtown Orlando, with plans approved to redevelop for a self-storage and retail building and demolition anticipated to start by July.

Located at 107 Hillcrest St. on the southeast corner of Colonial Drive and Magnolia Avenue, the 1.41-acre parcel was formerly home to the Women's Residential and Counseling Center (WRCC). It has three small buildings dating to 1964 that were operated for years as a lodging and union hall for the women's shelter, but were vacated as of last October. 

Liberty and its joint venture partner, Winter Park-based Rock Properties, Inc., initially filed their master plan in October 2017 with the city to build a three-story building with about 11,000 square feet of retail on the ground floor, and 95,660 square feet on the second and third for a self-storage facility.  

The JV partners have since earned City Council approval for those plans, and recently submitted a demolition permit request that is under staff review. 

"Our goal is to start demolition in the next 30 to 60 days, we're moving as quickly as possible," Liberty's president Adam Mikkelson told GrowthSpotter

Turner Construction will serve as general contractor on the vertical construction, and FWH Architects led design. My Neighborhood Storage Center will be the brand and manager of the self-storage space.  

Brett Hartung and Andy Hawkins of Foundry Commercial are marketing the property's 10,000 square feet of retail space for lease, divided among an estimated five bays, one of which has a drive-thru.

The intersection of Magnolia and Colonial boasts more than 67,000 vehicles per day on average combined, according to Foundry.

And within a three-block walking distance of the site's retail are more than 2,700 apartments and hotel rooms to the west and north.

The property seller was the Coalition for the Homeless of Central Florida, which will be designating a board committee to establish an endowment-type fund and a plan to reinvest the proceeds of this property sale into future services for women and children, president John Heard said previously in October.

The buyer sourced a $3 million mortgage from an affiliate of Tampa-based Osprey Capital, and has a maturity date of Oct. 30 later this year. 

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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