Developers of the 195-acre former Agere Systems property on S. John Young Parkway are in talks with five-star hotel groups and corporate tenants for headquarter-scale office space, and could build up to 3.5 million square feet of mixed-use commercial space on the site, a property co-owner told GrowthSpotter.
Located with frontage on S. John Young Parkway, just southeast of Destination Parkway and near an intersection of the Florida Turnpike and Beachline Expressway, the property has sat vacant since 2010 but boasts more than $1 billion in high-end hospitality and corporate office potential in the near future, said C.T. Hsu, president of Orlando-based architecture, design and urban planning firm C.T. Hsu + Associates.
"That is one of the last contiguous urban parcels of this size in Orange County. Its location between the airport and convention center, with easy highway access and a direct connection (via Destination Parkway) to International Drive, could make this a World Trade Center-level property," Hsu said.
Hsu formed an LLC with his wife Jean Hsu and Tavistock Group in 2007 to buy what was then a 206-acre industrial/commercial property from semiconductor producer Agere Systems, at a cost of $50 million.
Hsu and Tavistock sold a 9.94-acre parcel on the southwest corner of the property in 2012 for $5 million to Connextions Inc., a call center company now owned by Optum of UnitedHealth Group.
Agere's microchip factory, which closed in 2005, was demolished on the property in 2010. It ended county efforts to generate a semiconductor hub on S. John Young Parkway. Similar industry-cluster concepts have since caught on in the Lake Nona area, and is being pursued similarly in Osceola County with the Florida Advanced Manufacturing Research Center.
Now dubbed "Infinity Park," the property has full entitlements and Planned Development zoning that allow for a range of commercial and industrial uses.
"We're talking to some very large hotel groups for the site, which could accommodate possibly a large resort-style hotel and a smaller business hotel," Hsu said.
"The biggest though may be headquarters-level office space," he continued. "We've learned Orlando is lacking big office space. In downtown, the existing tower space has been divided up, there's not many 100,000-square-foot contiguous office space options. So, we have shovel-ready construction plans for two office buildings already completed."
No building permits have been pursued for the site, as the developers won't build on spec at this time, Hsu said.
"I'm keeping my fingers crossed though, there's a lot of interest," he added.
Boston-based land planner and architecture firm Sasaki has contributed to early-stage designs for Infinity Park, along with C.T. Hsu + Associates and Tavistock Group.