The latest big land deal along Palm Parkway and Interstate 4 has Daryl M. Carter one step away from exiting the mixed-use corridor, closing on 10 acres south of Daryl Carter Parkway with buyer Epoch Residential for a recorded $7.5 million.
Epoch's plan is to build 250 apartments on the parcel south of Daryl Carter Parkway, said Chief Investment Officer McCarley Davis. The complex of four-story buildings, for which plans were first filed in November 2017, are expected to be complete in December 2019 will feature elevator service and a mix of fully amenitized 1-, 2- and 3-bedroom units.
"That's where the action is, with the O'Connor [Capital Partners] development across I-4 with a 400,000-square-foot retail center, that will not only be an amenity to residents but employment as well," Davis said. "... I think you'll continue to see pretty tremendous growth there."
Epoch also is active about 5 miles west, building an apartment complex called Kestra along Winter Garden-Vineland Road near Grand Cypress.
The mix of residences and tourism business taking shape along Palm Parkway reflects what Carter, president of Maury L. Carter & Associates imagined years ago for the corridor, he said.
"The future interchange at I-4 there is moving the process along," he said.
Directly adjacent to Epoch's site on Palm Parkway, South Carolina-based TD Self Storage is planning its market entry with a 102,804-square-foot, 830-unit self-storage facility.
A longtime property investor, Carter is on the hunt for new investments, he said – open to buying land, income properties or commercial.
"I'm looking for deals, got a bunch of cash, and need to find the right place for it," Carter said. "We're just looking for investor-priced real estate. ...
"I'm not a formulaic buyer, but I'll know it when I see it."
Carter's remaining 76 acres along Palm Parkway north of Carter Parkway are under contract to sell to I-Drive 360 developer Unicorp National Developments, led by president Chuck Whittall, who plans a mixed-use project called O-Town West. That project would feature dining, shopping, entertainment and residential components, along with a boardwalk and dancing fountains.
Two years ago, Carter bought 236 acres – about 100 of them developable – in rural east Osceola north of U.S. 192 and east of Lake Toho.