Tampa-based owners of a final undeveloped segment of the Mills Park complex near downtown Orlando are readying the site for its next phase, and attracting prospective buyers for new development.
The 2.55-acre site lies at 1724 N. Mills Ave., on the northern end of mixed-use Mills Park development, set at the northwest corner of Mills and Virginia Drive.
CRP II-Mills Park, LLC, a joint venture of Forge Capital Partners and DeBartolo Development which originally developed the 14.5-acre Mills Park in 2013, retained this parcel when it sold the retail center segment in March 2016.
The owners began marketing the land for sale in mid-February, and in late April Forge Capital filed a determination request with the city for permission to pave much of the undeveloped parcel. It currently serves as a gravel overflow parking area for patrons of three of the retail center's restaurants, and guests of the 310-unit Gallery at Mills Park apartments.
The request is described as "interim" paving, and corresponds to a parking agreement the land owner has with owners of the other two segments of Mills Park.
Officials with Forge Capital did not respond to requests for comment on Friday.
The JV owner has been marketing the property for sale at $5.4 million for the past three months through Jill Rose and J.P. Beaulieu of BishopBeale.
The property is entitled for 177,350 square feet of office or hotel space. The two uses which may not be easy to amend since the land is part of a Planned Development zoning, which would require input of the other property owners.
A prospective buyer is negotiating terms of a contract now for the land, Rose told GrowthSpotter on Friday.
"Pricing along (U.S. 17-92) keeps going higher and higher, and you can't really buy a 2.5-acre site like this on Mills now, unless you want to assemble 15 small properties," she said.
A relevant comparison property lies 1.5 miles to the north, where last August a developer sold their 2.4-acre site leased by the newly-opened Orchard Supply Hardware for more than $16.95 million.