Osceola County is seeing a wave of new retail construction along its growth corridors despite high interest rates and rising construction costs.
Poinciana Lakes Plaza is the largest new build underway right now.
TCII Capital, which broke ground earlier this year on the 34-acre Poinciana Lakes Plaza in Solivita Marketplace, just closed a $46.23 million construction loan from Longline Financial.
Chief Operating Officer Jason Glaser told GrowthSpotter the company had been financing the construction itself before closing the loan in May. TCII acquired the shopping center site for $6.6 million in 2022 from Taylor Morrison, which is actively developing the Stepping Stone community nearby. Dominum also has two multifamily communities in the pipeline for seniors and families.
The power center will have a 47,000-square-foot grocery anchor. Named tenants include Ross, TJ Maxx, Burlington, Petco, Ulta, Rack Room Shoes, Kiddie Academy, Five Below, America’s Best and Crunch Fitness, which is building a 35,000-square-foot gym. Several others have signed on for outparcels, including TD Bank, MD Now, Outback Steakhouse, Panda Express and Bojangles.
More retail centers are under construction in St. Cloud and along the Narcoossee Corridor. More stores and restaurants, including First Watch and Pollo Campero, are under construction in St. Cloud Commons.
In February, RRB Partners broke ground on the 10-acre St. Cloud Marketplace at U.S. 192 and Narcoossee Road. The neighborhood center is slated for 30,000 square feet of retail and commercial space. Tenants include a new HCA Florida free standing emergency room, as well as a 10,000-square-foot Learning Experience daycare center, a sit-down restaurant, a quick-service restaurant, a drive-thru coffee concept and a multi-tenant retail building. Marco’s Pizza and Jeremiah’s Italian Ice have already signed leases for the multi-tenant building.
The Narcoossee Commons shopping center added 30,500 square feet of new retail to the intersection of Narcoossee and Rummell roads. The strip center was built over 2021 and 2022 and is now almost leased up with tenants such as Cake Cottage, Papasan’s Vietnamese cuisine and Edward Jones Financial. St. Cloud builder/developer Lazaro Rodriguez of SPC Homes started planning the project in 2017 after selling the office building next door to focus on the new commercial center.
BluRock Commercial is also close to wrapping up construction on a 6,000-square-foot strip center at 2631 E Irlo Bronson Memorial Hwy. that will also have a new standalone La Brasa Grill restaurant. Medical marijuana providers Trulieve and Miracle Leaf have leased interior spaces in the strip center, according to leasing materials.
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