Developer Chris Miller and investment partner Keith Johnson just purchased a majority of the land needed for their mixed-use project near the Mall of Millenia.
The partners bought nearly 40 acres of vacant property just north of the Holden Avenue extension currently being built by Orange County between S. Texas Avenue and S. John Young Parkway.
Kevin Hipes, the partners’ exclusive broker, told GrowthSpotter the purchase took place Friday. Miller and Johnson have several smaller parcels under contract that have not yet closed, he adds.
In total, Miller and Johnson expect to spend $3 million acquiring more than 60 acres of land northeast of Millenia Boulevard and S. John Young Parkway, about a mile from the mall entrance. The portfolio of properties include about 20 acres of wetlands.
Developer Chris Miller of C. Miller Capital said he envisions developing a town center.
A site plan for the proposed mixed-use project, called Millenia Place, shows the development will feature about 17 acres of commercial space, most of which will be entitled for retail and restaurant use. Roughly 12 acres will be designated for residential units.
Miller said the retail stores and restaurants will front S. John Young Parkway and the new Holden Avenue, which can benefit off becoming a new east-west route into the shopping district, he adds. In addition, Miller visualizes a storage facility and hotel in Millenia Place, he said.
The nearly 40-acre property was sold by a group of investors, with Howard N. Rose and his family members owning a majority share. Other investors in the selling group include four minority shareholders from the Jacksonville and Gainesville areas. Rose is a retired ophthalmologist.
In an previous interview with GrowthSpotter, Rose said he was holding off from making any deals with interested buyers until the Holden Avenue extension was closer to completion. Construction work is expected to be complete by 2022.
The assemblage was first purchased in 1973 and 1974 for just over $219,000. It’s one of the last remaining potions of the long-time closed Alhambra golf course that’s been sold off piecemeal for residential development,
Earlier this year, Dallas-based Encore Enterprises bought another portion of the former golf course for $2.7 million. The developer is planning to build 215 apartments on the 12.5-acre parcel at 2429 Americana Boulevard.