A new developer and owner of a key commercial site on U.S. 27 in Polk County is banking on renewed interest in the Four Corners Town Center to lure a national flag hotel and retailers to his site.
Granite Davenport LLC, an affiliate of New York hotelier Harry Gross, closed on the 17-acre site at the northwest corner of U.S. 27 and Ronald Reagan Parkway in March for $3.6 million. Gross is a veteran real estate developer best known for building the country's tallest hotel, a 68-story Marriott duel-branded tower in Manhattan.
Mid Florida Commercial Realty agent George Tsunis told GrowthSpotter the new owner paid cash for the property and has the funding to advance the project right away.
"We're going full speed ahead and have the engineering almost fully completed," he said. "What we're planning on is an extended-stay hotel -- either a Marriott or Hilton flag -- and either a restaurant, retail, gas station, drug store... whoever we can get to come to the front."
The land, which abuts the Park 27 distribution center, is vacant except for a trio of billboards, which Tsunis said will be coming down as soon the new owner clears the land. He said lot sales or ground leases will be entertained.
"We will do build-to-suit for qualified tenants," Tsunis said. "We don't need financing to build. We're very well-heeled, and we're eager and aggressive to get going."
The preliminary site plan shows up to eight commercial parcels fronting on U.S. 27, including a fuel station on the corner, with two right-in-right-out driveway cuts.
The seller was Albertson International and CentreCorp, which also owns the 113-acre town center parcel at the southeast corner of the same intersection. Polk County Commissioners rejected a plan last year by prospective buyer Seefried Industrial Properties to build 1.4 million square feet of distribution warehouse space on the site.
Polk County Commissioners in March approved a revised Developer Agreement (DA) with Albertson International and CentreCorp. The document extends the buildout date and also adds the owner of an adjacent 17-acre parcel to the agreement.
The 113-acre property is zoned for a regional shopping center with entitlements for 1 million square feet of retail-commercial space and a 16-screen movie theater. County planners said the new DA does not change the entitlements.