New York-based developer O'Connor Capital Partners paid $27.9 million on Thursday for 69-plus acres along Daryl Carter Parkway, where it plans to break ground in June on infrastructure work for a new retail, dining and entertainment center dubbed Vineland Pointe, a lead executive with the company told GrowthSpotter.
"We're excited to have all our permits other than the building permit, and are just trying to nail everything down now to get going," said Peter Bergner, president of O'Connor Property Management.
The property acquired lies across three parcels totaling 69.53 acres (60 acres developable) northeast of the Vineland Premium Outlets, and based north of Lake Street and Regency Village Drive, and on either side of Daryl Carter Parkway. The seller was an affiliate of Daryl M. Carter, president of Maury L. Carter & Associates.
The latest revised Development Plan from early March projects for 447,500 square feet of gross floor area across up to 31 tenant spaces.
Mass grading on all three segments of the property should begin in June by general contractor Williams Company, along with work on the first three building shells. Subcontractor bidding for that work should open in May, said Lee McNeil, business development director for Williams. O'Connor Capital also has to widen Vineland Avenue to the south of its property as part of approvals from Orange County.
Phase 1, on 20.87 acres south of Regency Village Drive, has retail floor area projected as 225,000 square feet. It will focus on off-price retailers to fulfill unmet demand for such stores in the corridor along S. International Drive.
Phase 2, on 32.54 acres on the northeast side of Daryl Carter Parkway, would cover 115,500 square feet, while Phase 3 on 16 acres on the southwest side of Daryl Carter Parkway has floor area projected for 136,000 square feet.
Bergner declined on Friday to name any tenants under contract for the project. But 23 retailer names were left on the latest 70-page DP, detailed here on March 1.
O'Connor Capital and other property owners along Daryl Carter Parkway are banking on the future construction of an I-4 interchange by the Florida Department of Transportation (FDOT).
FDOT now has an official project number assigned to the future interchange, said Bergner, which makes him "confident it will move along." If approved, construction wouldn't start until 2018 at the earliest.
"We've collaborated on the interchange planning with FDOT and O'Connor, and have a memorandum of understanding in place where we and O'Connor are ready to contribute land for the ramps if FDOT will design and build it," said Carter on Friday.
The interchange has been hotly anticipated for years by property owners in the area. Land north of Ruby Lake and Vineland Premium Outlets will also benefit from a 1.6-mile extension of Daryl Carter Parkway from Palm Parkway to S. Apopka-Vineland Road scheduled to start in February 2017, and open up the lucrative Dr. Phillips-area zip code to retail east of I-4.
Carter's affiliates still own about 77 acres on the northwestern side of I-4 it is marketing for sale along the path of that Daryl Carter Parkway extension.