Karamchandani said a choice should be made in a couple of weeks, with the $3.7 million project moving into subcontractor bidding from there.
The project is called Axiom Plaza and will contain three retail tenants in an 8,624-square-foot complex. Two of the tenants are MattressFirm and Corner Bakery, according to blueprints given to the City of Orlando.
For the third, some 1,500 square feet, a tenant has not been secured yet, Karamchandani said.
NGI has the one-acre vacant parcel under contract from Kilgore Propertiesfor $1.6 million, Karamchandani said.
The land is at 2121 S. Orange Ave. It is just north of Target on the east side of street, and between East Harding and East Muriel streets.
"This property was brought to our attention and we thought it was a good opportunity," he said.
Windermere-based NGI Investments was founded in 2004 as a full-service real estate company to develop grocery-anchored shopping centers, free standing drug stores and other retail projects, including "big box" centers that range from 11,000 to 100,000 square feet.
Work is expected to begin at the start of the new year and wrap up in July.