Intram Investments paid $13 million on Monday to expand its land holdings on International Drive.
The Orlando-based developer acquired 37 acres at the northeast corner of I-Drive and World Center Drive, at the S.R. 417 off ramp, bringing its total land holdings more than 80 acres.
"We don't have any plans to do anything with it yet," Intram Vice President Randy Hodge said. "It's entitled for a mix of retail, multifamily and hotel uses. We just think it's really well located at the intersection of I-Drive and the 417, and you have to buy when the time is right."
The latest parcel is entitled for 300 hotel rooms, 100,000 square feet of commercial uses and 347 apartments. It's part of the same Planned Development that includes the Caribe Royal Orlando, but Intram worked with the seller to amend the PD.
John McDowell of ComVest Group represented the seller, California-based Sierra Land Group, Inc., in the transaction. Sierra retained 40 acres at the northwest corner of I-Drive and World Center Drive, which retained entitlements for future hotel, timeshare and commercial development.
Intram began the assemblage last November, buying three vacant parcels in separate transactions for a combined $5.6 million.
Hodge told GrowthSpotter the firm is just beginning its conceptual planning for the site. Intram would prefer to develop the entire 80 acres as one master-planned project, if possible. That could be difficult since the latest acquisition is already vested and entitled as part of the earlier PD.
"It depends on what the consultants and the county tell us is the best path to achieve the long-term goal" he said.
Intram is the master developer of Sunrise City, just south of the Orange County line, and is in the second phase of retail development for that mixed-use project.
The company is also currently adding big box and inline retail to Davenport's Posner Village, at the U.S. 27 - Interstate 4 interchange, and expects to deliver the first phase to tenants in June.