UPDATED: January 17, 2017 3:57 PM — Boca Raton-based developer Hardial Sibia and family members paid $2.2 million earlier this month to enter the Orlando market, buying land northeast of Orlando International Airport with a future hotel and fuel station in mind.
Sibia's affiliate HDRS LLC bought an estimated 5-acre portion of the 8.94-acre parcel located at 7962 Narcoossee Road. It lies just northwest of an intersection with S.R. 528 (Beachline Expressway), and 4 miles east of the Jeff Fuqua Boulevard entrance to Orlando International Airport.
The deed was signed Jan. 3, and recorded Tuesday in Orange County.
"I've been in the hotel business for many years previously as an owner-operator, but just started developing in the past five years or so," Sibia told GrowthSpotter. "For this property, it will probably take one and a half years to decide what we'll do there."
Sibia expects to initially seek a buyer for about 2.4 acres of the property fronting Narcoosee Road, which would be subdivided off to develop a fuel station. He would later develop an eight-story hotel on the remaining 3 acres.
The hotel will likely be a limited service property carrying a flag from one of Wyndham, Hilton, Marriott or IHG, Sibia said.
"We won't be doing anything there this year," he said. "We want to wait and see how development takes shape in Lake Nona to (the southeast)."
The seller was an affiliate of used auto dealer Off Lease Only, Inc. The company owns and operates a dealership on 19.25 acres directly north, and considered these 5 acres as excess land, according to Allen Marcovitch, broker with Anaheim Properties, Inc., who served as listing agent for the seller and delivered Sibia as the buyer.
"We're in negotiations with two potential (fuel station developers) now," said Marcovitch, who is listing the 2.4-acre portion for Sibia. "It's a hot corner with a traffic light at Narcoossee and McCoy Road, left turn lane, and direct access to the expressway."
Part of the property will continue on a month-to-month lease by Off Lease Only, with an expectation that they relocate within a few months, Sibia said.
HDRS took on a $1.4 million mortgage from the seller as part of the deal.
Sibia has developed medical office buildings in South Florida, but has recently focused more on hotels. He has a Holiday Inn Express in Boynton Beach that is opening later this month, and another Holiday Inn Express in Palm Beach County that opened in 2016. His next project set to break ground in the coming weeks is another Holiday Inn Express in Lake Worth.