Tavistock Development Company just paid about $4.6 million for the hotel portion of its 11.5-acre Nona Village mixed-use project that it has been planning with developer and owner John Reich in Lake Nona.
The deal covers about three acres of vacant land at 11200 Narcoossee Rd., on the northwest corner of the Central Florida GreeneWay (S.R. 417) and Narcoossee Road.
Reich, president and commercial general contractor at Reich Properties, was the seller. He bought the property for nearly $2 million in 2015 and spent most of the last year seeking entitlements with Tavistock, so the partners may divide the site into two development tracts that can accommodate up to 50,000 square feet of new commercial space fronting Narcoossee Road and a 248-key hotel toward the back end of the property.
Tavistock spokeswoman Karlee Kunkle confirmed the company bought the hotel portion. Plans calls for a seven-story Fairfield Inn & Suites by Marriott hotel, she told GrowthSpotter.
According to an online site plan, Reich Properties is planning to bring a mix of office, retail and restaurant space to its commercial portion. He said they plan to market the commercial/retail property in-house. Jordan Companies is the land planner and civil engineer.
Prior to partnering up with Tavistock, Reich was quick to begin negotiating with the City of Orlando and the Orlando Utilities Commission to add road improvements that would allow a left-turn lane to access the site for drivers heading north on Narcoossee Road.
His request was granted to be updated at the same time of a $22 million road project that will widen Narcoossee Road from four lanes to six lanes between the S.R. 417 and S.R. 528.
“There’s a lot of activity happening up and down Narcoossee,” Reich said. A limited supply of land left in the Lake Nona submarket, mixed with the area’s demographics and what he calls “great rental rates” is what originally lured him to the property in the first place. “There’s not too many sites like this left.”
It’s also developing an eight-story condo/hotel project called Tavistock Lake Nona Resort. The project will feature 250 hotel rooms and 80 condominiums that will surround an 11-acre Crystal Lagoon. That project is anticipated to open in 2020.
Outside of Orlando, the company has long-term plans to renovate and redevelop the Pier Sixty-Six resort in Fort Lauderdale as part of its luxury hotel collection. Earlier this year, it was granted city permission to temporarily use space it owns just south of the marina as a small entertainment venue for up to five years.
In total, Tavistock has spent about $187 million acquiring land for the South Florida project.