Global real estate firm Taurus Investment Holdings is readying more than 40 acres of undeveloped land in northwest Orlando for future development, starting with plans for three commercial lots along Princeton Road, west of John Young Parkway.
The three lots comprise 4.74 acres out of a 29.26-acre parcel that Taurus has owned for at least 10 years, according to Linda Kassof, chief financial officer in the company's Orlando office. The property was part of an original, larger piece that included the site of a Wal-Mart Supercenter that Taurus built in 2007, she added.
The company filed applications in mid-October with the city of Orlando for a Master Plan, Growth Management Plan amendment and rezoning, asking to change the future land use for 15.82 acres of the parcel from conservation to urban activity center; and the zoning of that portion from conservation to urban activity center (AC-2).
Taurus' desire to change land use and zoning for an area larger than just the three commercial lots indicate the company plans to develop more of the site in the future.
Local executives did not respond to requests for comment on how the three lots will be developed, and what will be done with the rest of the land if rezoned. Development immediately around the property is all light industrial, other than the Walmart.
The AC-2 zoning allows concentrated areas of residential, commercial, office, industrial, recreational and cultural facilities that serve major sub-regions of the Orlando urban area. The activity centers are intended for areas near major roadways and mass transit, according to the city website. Most of the properties surrounding the land Taurus wants to rezone are now zoned industrial or AC-2.
In addition to the three commercial outparcels, the Development Plan includes an interior service road and four stormwater ponds. Two of the ponds will service the three commercial outparcels. The other two will serve future development on an 11-acre parcel to the northeast, also owned by Taurus. The property also will include floodplain compensation and wetlands mitigation.
Taurus was founded in Munich, Germany, in 1976 by Guenther and Lorenz Reibling, and is now headquartered in Boston. Taurus opened an Orlando office in 1990, and acquired the Orlando TechCenter and Orlando Airport Business Center property soon after.
Taurus Investment Holdings is a global investor, developer and operator of commercial and residential real estate, according to the company's website. It has a local presence in 15 markets on four continents.