CVS/pharmacy has finalized a ground lease agreement for the Ming Court restaurant property on International Drive, directly across from Pointe Orlando, with the restaurant set to close May 30 and CVS to take over the site in mid-June, the restaurant's owner told GrowthSpotter.
Located at 9188 International Dr., The Ming Court property boasts 1.85 acres, and was bought for a relative bargain as a vacant parcel in September 1985 for $645,000 by Orlando-based Wu Enterprises, Inc.
T.C. Chen, a local commercial real estate broker with SVN whose family owns the restaurant and land parcel, said the decision to sell was motivated by he and his spouse seeking to relax in their retirement age.
"Our son has a good job and won't (be taking over the restaurant)," he said Wednesday. "We are getting up there in our 60s, and want to retire and relax."
The restaurant is set to close on May 30, with two weeks to liquidate the interior assets before CVS takes over the site in mid-June, Chen said.
No new lease document has been registered yet with Orange County, and Chen declined to confirm details about the lease value or length, citing a confidentiality agreement with CVS.
Chen is looking for local governments or historical societies that may have interest in claiming and preserving some of the Chinese antiques and art that are inside Ming Court. Two large stone lions that serve as "guardians" of the restaurant entrance also need a new home, Chen said.
A CVS spokeswoman did not respond to requests for comment on Wednesday afternoon.
CVS will have to demolish the restaurant and then build its new pharmacy. Demolition and construction service providers can register with the company for bid opportunities.
CVS currently has three locations in the I-Drive corridor: one near the intersection of SR 535 and SR 536, one at the intersection of South I-Drive and Central Florida Parkway east of SeaWorld, and a third at the corner of Central Florida Parkway and Westwood Boulevard west of SeaWorld.
Its chief competitor, Walgreen's, has nine locations in the I-Drive corridor, including two within a few blocks of Pointe Orlando.
The Ming Court property is larger than the 1.49-acre, 64,860-square-foot parcel bought and developed by Walgreen's on the corner of I-Drive and W. Sand Lake Road in April 2014 for $17 million.