Frankin, Tenn.-based UP Development is readying plans for a seven-story, 140-key limited service hotel on part of its remaining land west of the Mall at Millenia, set between Vineland Road and Interstate 4 directly north of a new City Furniture site.
Located at 4751 Vineland Road, UP filed a Master Plan application with the city of Orlando in late September to develop the northern 2.94 acres of a vacant 5.9-acre parcel for the hotel, which includes related parking, swimming pool and the first floor reserved for two separately leased retail spaces (2,000 square feet) and a restaurant (3,000 square feet).
UP principal Scott Fish told GrowthSpotter on Wednesday he is pursuing MP approval now for hotel and retail on the site because he thinks it's the best and highest use. But plans for a hotel developer to buy the property aren't solidified, and the site is not under contract.
Development of the remaining 2.39-acre vacant lot would come later through its own Specific Parcel Master Plan.
Both of those sites lie north of a 6.1-acre parcel that UP sold to City Furniture in mid-April for $11.3 million, where the retailer is progressing with site work for a planned 120,000-square-foot store, estimated to open in 2018 as its first in Greater Orlando.
UP is petitioning the city for a traffic signal on Vineland Road at the entrance to the City Furniture site and its remaining land. Infrastructure work on the site should start later this year.
UP previously paid $15.5 million in February 2016 for 23 acres west of Millenia, comprised of two parcels at 4891 and 4751 Vineland Road.
It later subdivided and sold a combined 7.56 acres from the southern parcel for $10.5 million in Spring 2016 to auto dealers for Ferrari/Maserati and Porsche, which will build two large multi-story showrooms with integrated parking garages.