UPDATED: October 14, 2016 11:29 AM — Local real estate investor and businessman Wayne J. Hilmer Sr. has nearly 10 acres under contract east of Vineland Premium Outlets, with plans to subdivide for hotel and retail developers that would capitalize on the growth along Daryl Carter Parkway, and a potential future I-4 interchange.
Located north of the Publix-anchored Regency Village shopping center, the 9.89-acre parcel currently serves as overflow parking for that center, with access off of Vineland Avenue.
The land is owned by Tinwood LLC, a joint venture between Regency Centers and Publix that built the retail center in 2002. Robert L. Harding, attorney with Gray Robinson, confirmed on Thursday that Hilmer has the property under contract.
"We're running surveys and environmental checks now, after putting this under contract within the last two weeks," Hilmer told GrowthSpotter. "We fully intend to close within 90 days, my family company would be buying it" and plans to pay cash, he said.
Hilmer's company, Cathay Holdings Inc., has been involved in the acquisition and mezzanine financing of commercial real estate in Central Florida for many years, with a portfolio of investment properties in the area. He's the founder of Touchrate Solutions in Orlando, and founded Omni International Jet Trading, which his son Wayne J. Hilmer Jr. now runs as president.
Hilmer has hired Kimley-Horn's Jay Jackson as civil engineer and Landsmith Realty Inc.'s Dan Harper as planner to help subdivide the property into up to four lots, tenatively set for 154 hotel keys, 123 keys, 138 keys and a restaurant site for up to 7,500 square feet.
The group plans to file a Preliminary Subdivision Plan with Orange County in the coming weeks, said Harper, whose Landsmith Realty is also marketing the property. He coordinated Regency Realty's original acquisition in 2001 of 43 acres along Vineland Avenue, and helped them plan and subdivide it for Publix and surrounding retail.
The Tinwood PD and Land Use Plan the property would operate under should still allow for at least 550 hotel keys with surface parking, or more than 850 keys with structured parking, Hilmer said. Up to three select service hotels with a retail pad are being considered, or sale of the full 9.89 acres for a larger hotel's development.
"We were drawn to these nearly 10 acres because all of the water retention is off property, so they could be developed right away, and it's so well-entitled," he said. "We're negotiating now with developers who have multiple hotel flags in mind."
The acquisition would follow Hilmer's sale of two neighboring properties he bought through bank foreclosure in 2009 with an LLC affiliate.
The second is under contract to Floridays and a partner, which are seeking county approval to build a 144-key Holiday Inn & Suites on the southeast corner of Lake Street and Regency Village Drive.
Hilmer's interest in the Tinwood LLC property was also prompted by a rapid increase in new developments planned to the east and north of Vineland Premium Outlets.
-- O'Connor Capital Partners plans for 69 acres of land under contract on Daryl Carter Parkway south of Interstate 4, where it has proposed a 439,100-square-foot retail power center;
-- the Federal Highway Administration's current review of a new recommendation from the state to build an interchange at I-4 and Daryl Carter Parkway. If approved, construction wouldn't start until 2018 at the earliest, but has been anticipated by property investors;
-- Charlotte-based Northwood Ravin and Tampa developer Framework Group's purchase of 13.72 acres on the southwest corner of Lake Street and Daryl Carter Parkway, where they're building a 309-unit apartment complex;
-- Vero Beach developer ABG Companies' acquisition and planned redevelopment of the half-built Regency Suites condominium hotel, located northeast of the outlet mall.