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Boca Raton developer buys site near Orlando airport, plans hotel & fuel station

Highlighted in blue is the 8.94-acre parcel at 7962 Narcoossee Road, a portion of which was recently bought for future retail and hotel development. It lies just northwest of an intersection with S.R. 528 (Beachline Expressway), and 4.3 miles east of Orlando International Airport's entrance on Jeff Fuqua Boulevard.
Highlighted in blue is the 8.94-acre parcel at 7962 Narcoossee Road, a portion of which was recently bought for future retail and hotel development. It lies just northwest of an intersection with S.R. 528 (Beachline Expressway), and 4.3 miles east of Orlando International Airport's entrance on Jeff Fuqua Boulevard.(Orange County Property Appraiser)

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.

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The deed was signed Jan. 3, and recorded Tuesday in Orange County.

Learn who the prospective buyer is, how much they'll pay, and their vision going forward for this land that's been embroiled in bankruptcy for years.

"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.

An affiliate of Kansas-based hotel company Woodspring Hotels paid $1.225 million on Thursday for 2.79 acres in Belle Isle near Orlando International Airport, where it plans to break ground within weeks on a 109-key extended stay hotel.

"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.

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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.

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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