According to plans filed in Orange County, the developer is seeking to amend the approved Quadrangle Planned Development to allow for the construction of a 133-room Hyatt Place hotel on about 2.4-acres of land directly on the southeast corner of Quadrangle Boulevard and High Tech Avenue.
Records show PRM Hotel Group paid $2 million for the property this year in January. It was previously owned by Winter Park-based developer Michael McArdle with Southeast Commercial Development Inc.
The lot is part of a larger 10.4-acre plot of land between High Tech Avenue and University Boulevard, less than mile away from one of the main entrances to UCF along N. Alafaya Trail.
Plans to the develop the roughly 10-acre property have been in the works for over a decade.
Previous pitched designs by architect Timothy Gaus called for a “multi-tenant center” anchored by FedEx Kinko’s and accompanied by an Orlando restaurant to east and retail or restaurant space to the west, but those plans fell through.
McArdle was not immediately available for comment. Records show he acquired the 10.4-acre property in 2006 for about $1.25 million.
So far, McArdle has sold two lots within the PD, including the lot where PRM Hotel Group is planning a six-story Hyatt Place hotel. In 2011, McArdle sold a 1.5-acre lot at 11801 University Blvd. for $1.1 million to Racetrac Petroleum Inc.
In 2014, the company built the Racetrac gas station that’s currently on the property.
Site work clearing the land took place last year. Two commercial retail buildings were constructed at the time and have entitlements to feature up to 10,000 square feet of commercial retail space, each.
The 118,000-square-foot Celeste Hotel at 4105 N. Alafaya Trail promises to include conference space, a ballroom and indoor and outdoor dining options.
The area, which includes Orlando’s Quadrangle Business Park and the nearby Central Florida Research Park, is a known hub for defense and technology companies, like Cisco Systems and Cubic Defense Systems.
PRM Hotel Group operates and owns several hotels throughout Central Florida. It owns the Fairfield In & Suites in Clermont as well as the Holiday Inn Hotel & Suites in Daytona Beach.