A S. Orange Avenue corner, tied up in legal issues for several years, has returned to the hands of its original developer/owner Mark Kinchla, and a new private equity investor partner, Dallas-based Leon Capital Group, Kinchla told GrowthSpotter on Thursday.
The group paid Kilgore Properties LLC, Kinchla's company, $1.75 million for the 1.03-acre vacant site at 2121 S. Orange Ave., commonly known as Newton Corner, according to a sale deed recorded in Orange County this week.
In 2015, the City of Orlando gave approval for 9,000 square feet of eating and drinking establishments as well as retail on the parcel, according to city records. Earlier, the land had approval for town homes.
The site is northeast of the Sodo Orlando mixed-use development. Kinchla had developed town homes on the rest of that block in 2005 and 2009, he said.
Kinchla said Thursday he and his new Leon Capital partner are regrouping before launching plans for developing the corner again.
"We are contemplating either town homes or a retail strip," Kinchla said. "It's a great area."
Ronnie Carlson, of Leon Capital's Clearwater office, had no comment about plans for the land and when development might start.
"Maybe in the future we will," he said.
Leon Capital focuses on real estate development, specifically multi-family, retail, and self-storage properties. It has developed more than 200 assets representing a total capitalization of more than $2 billion.
Its website shows it has five retail properties throughout Florida.