Tavistock Development Company filed Master Plan documents with the city of Orlando on Tuesday for the next phase of its Lake Nona Town Center, launching a stage of schematic and civil design over the next year to help it recruit tenants for more than 800,000 square feet of commercial space.
A Framework Specific Parcel Master Plan (SPMP) for Phase 2A that city staff are now reviewing can be changed after approval, allowing Tavistock to progress on parallel fronts of infrastructure engineering, and refine building footprints as lease agreements take shape.
"We hope by this time next year to be announcing certain tenants. We'll have a very good idea by then of what this will ultimately be, how our buildings will be designed, and we'll be well on our way," vice president of development Ralph Ireland told GrowthSpotter on Tuesday. "This really sets the framework for being able to develop beyond this phase in the future."
Phase 2A of the planned 100-acre Lake Nona Town Center will include a 42,000-square-foot brewery, a bowling alley (51,000 SF), medical fitness facility (120,000 SF), a 150-room hotel, a mix of retail (418,500 SF) and office space (163,000 SF), and roughly 3,200 parking spaces (surface and garage).
The 2A SPMP also includes framework roads, block structure, vehicular and pedestrian circulation plans, and development standards to set the stage for further buildout.
Phase 2 overall will have retail, dining and entertainment venues that total more than 1.72 million square feet, per the current layout. Lake Nona Town Center is projected to have up to 3.8 million square feet of commercial space when complete.
Located directly west of the intersection of Lake Nona and Tavistock Lakes boulevards, the site fronts SR 417, Orlando's eastern beltway.
Lake Nona Town Center's first $70 million phase is already complete, and includes an 85,000-square-foot office building, 16,000 square feet of retail and dining space, structured parking, and a 200-room dual-branded hotel with Courtyard by Marriott and Residence Inn.
Notable buildings outlined for Phase 2 and beyond include a 10-story mixed-use tower with 34,000 square feet of ground-floor retail and nine levels of hotel use above; a specialty grocer (22,000 SF) facing Lake Nona Boulevard; a comedy club (15,000 SF) and cinema (45,000 SF).
All these specific uses listed on the SPMP are the developer's ideal choices for building themed zones in the Town Center, but could change in the coming months.
The 10-story mixed-use building is also a placeholder for now, though Tavistock wants it to be anchored by a hotel, Ireland said.
"Once we start planning the hotel, we look at things like how efficient the floor plate is and how rooms work above that, and how much of the footprint we want the hotel to cover. In the next six months we'll have a much better idea of it," he said, noting that it will be a different class of flag from the dual-branded Marriott in the Town Center's Phase 1.
Beyond Phase 2A, the Framework Master Plan forecasts a series of new office buildings and structured parking along Lake Nona Boulevard on the southeastern side of the current Phase 1 developed area, and more retail space on the property's eastern side, potentially with a large department store (200,000 SF).
"Demand will dictate how we move on the office space. We're trying to allow flexibility for the future, so if we get a 250,000-square-foot office user that wants to come in, we'll be ready to move forward. We try not to do much office on a spec basis," Ireland said. "The retail department store will depend on how Phase 2A comes, once we've established some momentum and can see what kind of sales are being done."
Smaller trendsetting town centers around the county like Santana Row near Silicon Valley, The Grove in Los Angeles, Easton Town Center in Columbus, Ohio, and Liberty Center outside of Cincinnati have helped guide the group's planning for Lake Nona Town Center. But Ireland considers Tavistock's 100 acres to be the next generation of such development.
The company's goal is for Lake Nona Town Center to offer "multiple layers of experience" through its different parks and districts.
"You may find the lawn up north will be more active with concerts, while we have quieter parks to the south. It will really have districts to it, and that will lead to expansion beyond," Ireland said. "The depth that we'll be looking at aspects like smart signage to get people around the site, or helping people park will be important to us."
Lake Nona currently has 11,000 residents across its communities, with about 1,000 new households added per year. Current entitlements project the community to reach 25,000 to 30,000 residents at buildout, over several decades.