A developer who relocated his business from Boca Raton to Orlando has plans for an entertainment center and hotel on Narcoossee Road, near SR 528, but will first make most of the nearly 10-acre parcel into a parking lot.
Vamshi Reddy of AARC Holding closed on the 9.7-acre parcel last month, paying $1.4 million to an Australian family that had the land since 2007.
Since the closing, he has wasted no time seeking permits for the parking lot, a park-and-ride to Orlando International Airport, which is about 2.5 miles away.
He said the lot will provide income while he seeks approvals for his hotel and entertainment center. “It’s an opportunity for cash flow,” Reddy said.
Once the hotel and entertainment center are approved, he will take up the lot and use the land for those projects.
“My background is hospitality, which makes it a much better fit,” Reddy said.
The rectangular parcel, at 7833 Narcoossee Rd., east of McCoy Road and Golden Acres Circle, is vacant, with heavy underbrush and pine and oak trees.
The site was annexed into Orlando several years ago, although it was not assigned a zoning designation.
Reddy hopes to begin laying down asphalt for the airport parking facility early next year and estimates it will cost $1 million.
Construction of the “Colts and Fillies,” a 45,000-square-foot family entertainment center, is estimated to start in mid-2016 and cost $6.5 million. The facility is planned to have laser tag, rock climbing, a digital game arcade and a food court.
The seven-story, 140-room hotel, with a 43,500-square-foot banquet facility, is pegged for construction to begin in mid-2017, at a cost of $16 million.
Reddy said he is working to secure a name brand hotel chain to operate it.