Winter Park-based developerTitan Propertiespaid $2.1 million earlier this month for a 1950s-era bowling alley property in downtown Orlando's Milk District, with plans to redevelop for a three-story self storage facility.
Located at 400 N. Primrose Dr. on the northwest corner with E. Livingston Street, the 2.47-acre property lies on the back end of the Colonial Plaza retail center, and has been owned and occupied by Colonial Bowling Lanes since 1987, though the building dates to 1959.
The sale closed on Feb. 9, with the deed recorded Tuesday in Orange County.
A branding partner for the facility and general contractor have not yet been chosen, principal Dell Avery said Tuesday.
"By July we would hopefully have our structural, architectural and civil permit work completed and start looking for GC bids," he told GrowthSpotter.
Avery declined to estimate total project cost at this stage, but said the developer will eventually seek a construction loan to stack with its equity.
Titan earned approval in recent months from Orlando's Planning & Zoning Board and City Council in part by moving the planned building's front off of the street frontage, a concession made for concerned residents of the neighborhood, Avery said.
Titan earned approval to subdivide the site into 1.52-acre and 0.98-acre parcels, with the larger of the two developed first as a 97,500-square-foot self storage facility, with 1,500 square feet of ground-floor retail.
Titan does not have plans as of now for the property's Phase 2 segment, and could be open to developing or selling the lot, Avery said.
"We believe this site can serve self storage demand in the downtown market, it's a location that is easy to get to coming down Livingston Street," Avery said.
Titan does not plan to immediately close and demolish the bowling alley, said Avery, noting "we want to keep it open as long as possible for the neighborhood until we think it's time to start (construction)."
With approvals of construction and demolition permit applications not expected until late summer at the earliest, new work on the site is not expected until the third or fourth quarter of this year, Avery said.
Titan Properties has a history of developing self storage facilities on the commercial side, and entitling and building out the infrastructure for residential communities before selling lots off to homebuilders.