The Greater Orlando Aviation Authority (GOAA) is looking for investors and developers to take over the 13.45-acre Colonial Promenade shopping center north of Orlando Executive Airport, according to a Request for Qualifications (RFQ) issued this week.
GOAA currently owns the shopping center property at 4300-4360 and 4600-4678 E. Colonial Drive, which lies just north of the executive airport and averages more than 65,000 vehicle trips per day.
It's now inviting investors and developers to submit their qualifications for a chance to own, maintain and operate the property through a long-term master ground lease with GOAA. A proposer can be a single firm or a joint venture of two or more.
The property is deemed a "unique value-add commercial real estate investment opportunity" by the authority in its RFQ. This will be the first of a two-stage process, with GOAA to later invite qualified respondents to submit a more comprehensive proposal for the project through a Request for Proposals.
Built in 1985, Colonial Promenade is comprised of two buildings which total 187,509 square feet of gross leasable area. Tenants there have been limited in recent years to a branch of the Orange County Public Library, a seasonal halloween store, Sweet Tomatoes restaurant, a CareerSource office, music equipment store and more.
The opportunity includes an option to take down four outparcels under the terms and timeline proposed by each applicant.
GOAA wants proposers to provide a coordinated and aesthetically designed commercial development and long-term management plan for the property. Applicants must demonstrate past experience and the financial capacity to deliver on a large-scale adaptive reuse of the shopping center.
Population within three miles of the property is expected to grow from 118,915 in 2017 to 129,871 in 2022, a near 2 percent increase, according to GOAA. Median household income is forecast to grow 2.79 percent from 2017's median of $50,093, to $57,493 in 2022.
Orlando Fashion Square mall lies less than a mile to the west with its anticipated redevelopment. Also within three miles of Colonial Promenade are six multifamily properties now under construction that range in size from 21 to 630 units, seven multifamily projects delivered since 2015 that range from 79 to 483 units, and six office projects brought to market since 2015 that delivered more than 52,481 square feet of leasable space.
An optional pre-submittal meeting will be held on Aug. 8 at 2 p.m. at Orlando Executive Airport. Applications are due by Sept. 5 to GOAA's office at Orlando International Airport.