Tavistock Development Company is eyeing property at a key interchange of the S.R. 417 toll road in Lake Nona for a new hotel with up to 250 rooms.
The Lake Nona master developer sent one of its top entitlements specialists to a meeting earlier this month with Orlando planning officials and owner/developer John Reich. Tavistock launched its own hotel division earlier this year.
Reich Properties has applied to rezone the 10-acre tract at the northwest corner of the Central Florida Greeneway - Narcoossee Road interchange for a Planned Development (PD) called Nona Village.
"We are looking to acquire the property from John, and we're helping him take it through the entitlement process," Tavistock spokeswoman Karlee Kunkle said.
The PD divides the site into two development tracts with a shared stormwater system. The front lot would be entitled for a maximum of 50,000 square feet with a combination of office, retail and dining uses. The 7-story hotel would be constructed toward the back of the property.
"It seemed like it would be a good site for that," Reich said. "Right at the 417 and Narcoossee it combines a lot of hotel room generators, like the USTA and the VA. We're getting a lot of interest."
Adventist Health System, parent company of Florida Hospital/Advent Health, owns property on both sides of Narcoossee just north of the site. It carries deed restrictions that limit development to a future hospital, medical offices or wellness-related uses.
Reich bought the land in 2015 for nearly $2 million and spent much of the last two years negotiating with the city and Orlando Utilities Commission for a left-turn lane to access the site for drivers heading north on Narcoossee Road.
"We were able to get it included in the widening of Narcoossee Road, which starts next year," Reich said. "It's a value add for sure. The widening of the road is going to be positive for the whole area."
The $22 million project, scheduled to start in January, will widen Narcoossee from four lanes to six lanes between the 417 and S.R. 528.
Nona Village would have a right-in, right-out driveway to the southbound lane of Narcoossee.
Kunkle said the hotel at Nona Village would be on par with existing product, such as the Courtyard by Marriott and Residence Inn at the Lake Nona Town Center.
Tavistock Hotels currently has two projects in development:
- The 16-story, 215-room Tavistock Town Center Hotel will anchor the next phase of the Lake Nona Town Center, and is scheduled to open by late 2019.
- The eight-story Tavistock Lake Nona Resort, with 250 hotel rooms and 80 condominiums that will surround an 11-acre Crystal Lagoon, opens in 2020.