Sunrise-based real estate investment company Centerline Capital Advisors is assembling about 367 acres of land in Apopka with plans for a large mixed-use community.
The company has applied for Planned Development zoning approval in Apopka for its proposed Ridge PD, which stretches across Binion and Ocoee Apopka roads on the north and south end of Boy Scout Road.
The Ridge PD (formerly the Bronson PD) as proposed would allow for 1.5 million square feet of industrial space, more than 200,000 square feet of commercial uses, up to 278 multifamily units, up to 643 single-family or townhome dwelling units and up to 75,000 square feet of office space.
The development program splits up the entitlements across nine parcels.
Parcel No. 1 features 100,000 square feet of commercial space on 29.2 acres. Parcel No. 2 has 340 residential dwelling units on 79.6 acres.
Parcel No. 3 combines a mix of office, commercial and multifamily uses on 33.7 acres. Entitlements allow for 300 apartments, 75,000 square feet of office space and 25,000 square feet of general commercial space.
Parcel No. 4 features 303 residential dwelling units on 58.3 acres. Parcel No. 5 is seeking entitlements to allow for 1.5 million square feet of industrial space across 78.2 acres.
Parcel No. 6 has 378 apartments on 20.5 acres. Parcel No. 7 has 25,000 square feet of commercial space on 2.8 acres.
Parcel No. 8 has 150,000 square feet of commercial space on 6.2 acres and the 58 acres in Parcel No. 9 is dedicated to lake/recreational space.
Centerline Capital Advisors tapped VHB as their civil engineer.
Apopka planner and project manager Bobby Howell told GrowthSpotter the applicant needs to address some comments made at this month’s Development Review Committee meeting before moving forward with the project.
The 15-parcel assemblage is primarily owned by the Troy S. Bronson Family LP that had used the property in the past as an orchid nursery and citrus grove. The limited partnership also owns a 3,660-square-foot single-family home at 1400 Ocoee Apopka Road that’s part of the assemblage Centerline intends on purchasing.
John and Donna Marie Robertson Kirkland own a smaller portion of the assemblage that also includes a nursery and a single-family residence.
Andrew Slowik, an associate with Cushman & Wakefield’s Orlando Land Brokerage team, who is not involved in the deal, said the property is “the hole in a doughnut.”
“In every direction [around the location] there’s development,” he said. “It’s rare to find something of this size in Orlando’s beltway.”
Land transactions have increased up and down the Western Beltway (S.R. 429), which passes through Orange County’s Horizon West master-planned community and Mount Dora’s planned Wolf Branch Innovation District.
Lakeland-based Blue Steel Development and JV partner Bob Zlatkiss assembled nearly 250 acres on U.S. 441/Orange Blossom Trail, near the S.R. 429 interchange and next to the private Orlando Apopka Airport, with plans to develop up to 2.5 million square feet of distribution warehouse space.
Located just east of the Western Beltway, D.R. Horton bought into Mercury Advisors‘ Avian Pointe project in Apopka, with plans to build a 56-lot build-for-rent subdivision that makes up the first phase of the large master-planned community.
A joint venture tied to The Collier Companies and Benge Development has plans to develop a new town center community on 78 acres by the Western Beltway that will feature 200,000 square feet of retail/restaurant space, a new YMCA and more than 600 new apartments.
Slowik said the pandemic hit Orlando’s land market hard during the second quarter of 2020, but activity picked up in the final two quarters of the year.
“The V-shape recovery is definitely supported by the data,” he said. “Fourth quarter of 2020 we totaled 95 sales over $1 million in the Orlando MSA, which is the most we’ve seen in any quarter since the beginning of 2019.”
More than $1.1 billion was spent on land deals over $1 million throughout the metro last year alone, he adds.
Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.
