Local orthodontist Dr. David Lach paid $1 million on Friday for a 1.35-acre parcel across from Lake Nona High School, with plans for a multi-tenant medical office building to be anchored by his practice, and more medical office or retail to follow on adjacent land.
The seller was Lake Nona Holdings LLC, an investment affiliate of James Ekbatani who owns and operates Winter Springs-based HealthFair.
Ekbatani's affiliate originally owned about 43 acres on the northeast corner of Narcoossee and Tyson roads, and began phased development of the property in 2016 with the sale of 15 acres to The Bainbridge Companies. Marie Boyle, president of Palkiper Commercial Real Estate Services, has served as development advisor to Ekbatani.
He then co-developed the master infrastructure, roads and utilities through the property with Bainbridge, which is currently building its 288-unit "Bainbridge at Nona Place" apartment complex along Lake Whippoorwill.
Bainbridge is on schedule to deliver its clubhouse in mid-November and first rental apartments in early December, with the entire project expected to be complete by April 2018, said Bob Thollander, vice president of development for Florida.
Boyle also helped Ekbatani arrange a land swap with the Diocese of Orlando, which gave them a parcel with frontage on Narcoossee in exchange for a 4.6-acre parcel within the property better suited for future church development, which Ekbatani delivered pad-ready.
This has left Ekbatani with a 9.7-acre parcel still to be developed, under the placeholder name "Tyson's Corner." Boyle said they're setting the bar high for retail or medical users on the property.
"With how fast things are changing in Lake Nona we've changed our minds a few times. We're not in a hurry and are being very careful with how we develop that frontage," she told GrowthSpotter. "The plan is to do some high-end retail or medical, and we're interested in placing a surgery center there. We're talking to a few companies, and once we find the right one we'd replat and sell them a parcel or do a ground lease.
"We have at least 20 great options of people who want to be on that property, we just haven't pulled the trigger yet," she continued. "Selling the northern parcel to Dr. Lach was the right thing to do to bring in some medical office, and we've signed some agreements that require him to let us review his design, because it's the entrance to our project."
Lach has offices for his orthodontic practice in Oviedo and Lake Nona, the latter currently a suite leased in a Publix-anchored retail center at 13832 Narcoossee Road, about 1.8 miles south of the newly acquired property.
Lach's development will likely house his orthodontics practice and have two to three medical office suites for lease, Boyle said. He is just starting design of the plans with a local civil engineer and architect, whose names could not be confirmed on Monday.
Lach sourced a $787,500 loan from United Legacy Bank to help finance the recent land purchase.
By this time next year, Boyle expects she and Ekbatani to have selected users or buyers for the remaining 9.7 acres, and have plans submitted for permitting to the city.