Tampa-based retail development partners paid $3.5 million last week for 4 acres in the thick of west Orange County's master-planned Hamlin community, with plans for professional offices and retail they hope will feed off the neighboring residential and shopping center growth.
Located at 5300 Hamlin Groves Trail, the site lies directly south of a Publix-anchored shopping center now under construction by Boyd Development, and north of the 350-lot Hamlin Reserve subdivision by Ashton Woods.
Investors Venkata Ravipati and Ravikiron Ainpudi have developed small retail projects in Tampa of 9,000 square feet or less, and worked previously with Boyd on buying a single-tenant outparcel at its Lakeside Village retail center, located at C.R. 535 and Winter Garden Vineland Road.
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"We worked well with the (Boyd) team in the past, so that's how we ended up getting this opportunity in Hamlin," Ravipati told GrowthSpotter. "They not only sold us the land but helped us through the process in a big way."
The duo, working under Rave Commercial LLC, plan to develop three to four buildings on the Hamlin site in phases for up to 40,000 square feet of professional office or inline retail space, Ravipati said. It will be the group's largest development to date.
Ravipati forecasts February 2019 as a goal to break ground on the project, but has yet to file a Development Plan with Orange County. Pensacola-based Planeng, Inc. is civil engineer on the project and Tampa-based C&K the architect.
The partners are looking for more retail outparcel investment opportunities of 1-2 acres in Greater Orlando, said Ravipati, preferably those in centers with large anchor tenants.
The 4 acres acquired were part of a larger 17-acre parcel that Boyd's land owner affiliate is portioning off to varied buyers. Harvest Bible Chapel of Winter Garden bought an adjacent 8.5 acres last December to build a new Christian church.
With a necessary retention pond absorbing some of the site, Boyd has roughly 7.5 acres left to sell, said partner Ken Kupp. Plans for a daycare center and self storage facility (3.5 acres) are in development with segments under contract, he added.
For the center to the north at the southwest corner of New Independence Parkway and Hamlin Groves Trail, Publix is now open, five other multi-tenant buildings are mostly leased, Chase Bank is under construction on an outparcel and other ground lease prospects are in negotiations to build out the 30 acres, Kupp said.
On the northwest quadrant anchored by a Walmart Supercenter, construction is underway on two multi-tenant buildings and a built-to-suit for a dental provider, while Wendy's is building its own standalone restaurant.
And to the east at the Hamlin Town Center, Cinepolis movie theater is opening to the public this week and construction has concluded on the southeast lakefront portion, Kupp said.