A developer and builder from northeast Brazil plans to break ground in January on his first North American project in an Orlando industrial park, and is eyeing more local property to acquire in 2017, a principal with the company told GrowthSpotter.
The local business is an affiliate of Estrutura Construção Incorporação Imobiliaria Ltda, a company based in the state of Pará that has developed primarily condominium apartments and single-family homes in northeast Brazil over the past 14 years, along with one 246,493-square-foot distribution center.
Principal Alexey Martins, a civil engineer by trade who has five companies in Brazilian planning, development and construction, said his company is stocked with excess land and capital in Brazil that he can't convert at the moment, due to the country's enduring economic recession.
Martins applied for a commercial permit with Orange County in mid-October, which remains under review, and applied for a minor modification to permits from the South Florida Water Management District on Tuesday.
He projects a total development cost of $2.8 million for the building, hopes to break ground by mid-January, and is currently negotiating with potential general contractors.
Looking forward, Martins said he has two other properties in his sights for acquisition and development next year as light industrial. He hopes to move on new land purchases in early 2017 after construction starts on Exchange Drive, and build a portfolio of industrial properties in Greater Orlando.