New retail plans are in varied stages of development for three of four corners on the busy Ocoee intersection of W. Colonial Drive (S.R. 50) and Maguire Road, an area ripe for new investment with conservative traffic counts of more than 45,000 vehicles per day.
On the northeast corner of Colonial and Maguire, the Ralph Mocny Trust owns a 3.25-acre parcel at 10945 W. Colonial that was formerly home to the Sabel Hotel and Perkins restaurant.
Those buildings were demolished last year to make way for three new commercial building pads available for ground lease, marketed for the owner by Equity Investment Services (EIS). One has a new Popeye's restaurant now under construction.
The second pad is under contract to a South Florida-based developer, whose name has not been shared on plans and EIS declined to confirm on Monday.
Dubbed "Maguire Plaza," the project calls for a 10,365-square-foot multi-tenant building, with Jimmy John's, T-Mobile, Papa John's and Qdoba Mexican Eats as four of five tenants labeled on a recent EIS marketing flyer. A remaining 3,450-square-foot inline space appears available, as well as a pad projected for future medical use.
A site plan for the project is under review by city staff for the building and associated parking, and a construction permit request is in for the retail building's shell. A similar permit request was filed last week with the St. John's River Water Management District.
Different members of the Carr family own that property, the building and the flooring business. Jones' group is exploring options to renovate the building's facade and convert the space for multi-tenant, potentially freeing up to 10,000 square feet for additional lease opportunity, Jones told GrowthSpotter.
"The flooring company does well there, so we'd have no intention to move them. But we believe we can bring up the building's appearance and activate space that could be leased to other tenants," he said.
"We see this area of Ocoee transforming to some extent with what the (South Florida developer) is doing, and what Boyd (Development) is doing on the southwest corner," Jones continued. "Just a lot of positive momentum."
On the southeast corner of the intersection, a former Pizza Hut building was razed in April at 10870 W. Colonial Dr., to make way for a new standalone Starbucks. Pizza Hut will be renovating a former Verizon store on a neighboring pad to replace the old restaurant, with a projected opening this summer.
And on the southwest corner, Boyd Development has been pursuing plans for more than a year for a vacant 1-acre parcel its affiliate owns on the corner, former home to a BP fuel station.
Plans call for two buildings totaling more than 14,000 square feet of retail, with confirmed tenants thus far as Tijuana Flats and an Orlando Health Urgent Care center, which would relocate from Old Winter Garden and Maguire roads. A site plan and construction plan for the project are under review by city staff.
Boyd must still acquire an adjacent half acre to complete the project footprint from Cypress Colony Inc., owner of more than 11 acres on the corner. That property carries more than $3 million in active liens with the city, after Ocoee invested in 2007 to demolish the former Colony Plaza hotel on the property.
Boyd would hope to close the deal and start construction in the next three to four months, but is still negotiating with the Cypress Colony land owner and the city for a partial release of the liens on that half acre, said Kevin Merideth, acquisitions manager.
No formal requests have been made by Boyd Development to the city as of Monday for a partial release of liens on that property.
Angel de la Portilla, Ocoee's economic development consultant and head of Central Florida Strategies, Inc.,, declined to comment on the status of discussions between the city and Boyd, but said "it's encouraging to see all the new development activity that is occurring on (S.R.) 50 and Maguire."
Elevation Development had much of the 11-acre Cypress Colony land under contract last year for a time, as part of an assemblage on the southwest corner for a planned 1.5 million-square-foot, mixed-use town center. But the developer couldn't overcome legal issues with the liens and let the contract window expire, said principal Shaman Foradi.