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Crescent Central Station will be a 279-unit apartment complex with 14,644 square feet of ground-floor retail space and a parking garage, located at 480 N. Orange Ave.
Crescent Central Station will be a 279-unit apartment complex with 14,644 square feet of ground-floor retail space and a parking garage, located at 480 N. Orange Ave. (Handout)

Houston-based RIDA Development Corp. took ownership of the ground-floor retail component of downtown Orlando's Crescent Central Station Phase I this week for $1.395 million, and a RIDA executive says nearly all the space is pre-leased.

The transaction was a cost-of-construction transfer that had been pledged to RIDA since plans for the development started in 2013 with Charlotte-based developer Crescent Communities.

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Crescent Central Station will be a 279-unit apartment complex with 14,644 square feet of ground-floor retail space and a parking garage, located at 480 N. Orange Ave. next to Lynx Central Station and a SunRail platform.

With ownership of the development's retail component finalized, RIDA has all but 3,800 square feet of the space pre-leased as of this week, said Marc S. Reicher, senior vice president.

The remaining space is the property's most prominent, located on the corner of the central courtyard entrance. RIDA has been holding out for a unique upscale restaurant tenant, and may get a letter of intent within the next week, he said.

Retailers that have signed to lease the rest of the property's space include cheesesteak fast-casual chain Philly Connection, Envy Nail & Spa, a dry cleaning and tailor business, U Green salads shop, Dunkin' Donuts, and a shish kabob restaurant.

RIDA will begin turning over ground-floor retail space in the coming weeks to tenants, who will seek permits and likely start buildout in the Fall, Reicher said.

Crescent Central Station's first apartment units could be finished by as early as September.

Crescent Communities sold the Orlando Crescent Central Station development in October 2014 before it was built, in a portfolio deal worth $700 million to a fund advised by UBS Global Asset Management. Crescent will remain as management company for the property.

bmoser@growthspotter.com or (407) 420-5685

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