Developer 3H Group has filed a Specific Parcel Master Plan (SPMP) with the city of Orlando for the seven-story hotel and a room count estimated at 148.
To be located at 5473 Altamira Dr., the 2.31-acre hotel site would be situated in the lower right corner of the overall 16.5-acre development, directly west of the existing McDonald's and Perfumeland store at the corner of Altamira and International drives.
"The construction of that new (flyover) bridge, proximity to the outlet mall and North American being great developers" all drew 3H Group to the site, CEO Hiren Desai told GrowthSpotter on Wednesday.
North American's "Grand National" project lies directly south of Simon's International Premium Outlets, and in the path of the I-4 Ultimate project's new flyover bridge that now links neighboring Grand National Drive across the interstate to Caravan Court, a block from one of the main entrances of Universal Orlando.
3H Group owns and operates hotels in six states, including five in Florida. Two of those are in Altamonte Springs, but this would be the developer's first in Orlando or the local tourism corridor.
Desai said 3H Group's closing date for the property is undetermined, as its due diligence period has been extended with North American while it completes construction plans and pursues financing.
The developer will seek a construction loan at 70 percent loan-to-cost. A general contractor search will start in early 2018 after the SPMP earns city approval, and a groundbreaking is targeted for late First Quarter 2018, said Desai, who declined to estimate total project cost.
The hotel would cover 1.92 acres of impervious area within the site, to include an associated pool and parking.
The first four outparcel leases have been signed for Bahama Breeze and Longhorn Steakhouse (both Darden restaurants), as well as Starbucks and U.S. Gift Factory, a local business owned by the family of Elevation Development's Owais Khanani.
North American is also installing a traffic signal at its main entry off of W. Oak Ridge Road, which will be shared with the outlet mall to the north.
McIntyre said in July that after the hotel deal is complete, North American would take its time in defining plans for the rest of the property's southern half, be those for multifamily, more retail or hotels.
Rich entitlements approved in July 2016 for the project's Master Plan give North American Properties a lot of options, with 130,000 square feet of retail/dining space, 20,000 square feet of medical office/clinic use, 800 hotel rooms and a 350-unit apartment complex among them.