Acreage sold by Maury L. Carter and Associates on Palm Parkway in Orlando.
Acreage sold by Maury L. Carter and Associates on Palm Parkway in Orlando. (Orange County Property Appraiser)

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.

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"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.

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"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. ...

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"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.

Have a tip about Central Florida development? Contact me at wzimmerman@tronc.com, (407) 420-5427 or @zmediaworks. Follow GrowthSpotter on FacebookTwitter and LinkedIn.

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