EPR Properties, a Kansas City-based REIT that funded the land acquisition for Topgolf on Universal Boulevard, paid $8.44 million on Monday for the neighboring 9-acre parcel fronting Universal on behalf of Andretti Indoor Karting & Games, where it will build a $30 million attraction.
GrowthSpotterfirst reported on Sept. 10 that the Atlanta-based Andretti Karting was teaming up with Topgolf to build neighboring attactions in the tourist corridor.
Topgolf now owns 11.8 acres directly north of the Andretti property -- both parcels were sold by Orlando Equity Partners, an LLC affiliated with Southwood Development Co. out of Atlanta.
EPR entered a lease agreement with Andretti affiliate AIKG on Monday for 20 years, with the option to extend another 20 years in four five-year increments.
Andretti plans to build a 95,000-square-foot enclosed entertainment center with video games, meeting space, electric go-karts on elevated tracks, zip-lines, bowling, a restaurant and more.
The Andretti Karting lot features frontage on Universal Boulevard, which allows Topgolf's 150-foot-high driving range fence to be set back from the boulevard at an acceptable distance for county development code.
A Kansas City-based REIT that has helped fund the land acquisition for many Topgolf developments around the country, paid $7.13 million on Monday for 11.8 acres on Universal Boulevard across from the convention center, where the company will invest a projected $20 million to build a 65,000-square-foot entertainment center.
Managing member Edison Hamann previously told GrowthSpotter Andretti Karting property will connect seamlessly to the Topgolf lot directly to its north via walking paths and the parking lot. The company invested between $400,000 and $500,000 tweaking the building design and site plan -- at the suggestion of county staff -- to complement the county's I-Drive Vision Plan.
However, the developer's latest revised Development Plan, submitted to Orange County staff on April 22, was denied by Zoning staff on May 3 due to a few outstanding issues. Those include too few bicycle parking spaces, the DP proposing development beyond the lot's boundary, and lack of pedestrian interconnectivity between neighboring properties.
The project's latest design features glass exposures on the front of the building that will allow passersby to see the activities inside. And an upgraded landscape plan creates gathering spaces in the Andretti parking lot where people can socialize.
Topgolf bought its 11.8-acre lot for $7.13 million in early February, via Kansas City-based REIT EPR. Topgolf has already started construction on a $20 million, a 65,000-square-foot entertainment center, described as a hybrid of Dave & Buster's and golf. That venue is expected to open in 2017.
Andretti Karting started in Melbourne in 1999 with the 18-acre outdoor family entertainment facility Andretti Thrill Park, and opened its first Andretti Indoor Karting & Games in 2001 in Roswell, Ga. A second, 105,000-square-foot indoor karting facility will open in Marietta, Ga., in early October.