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.
"There's a better potential for return (on investment) here, so we'll pursue our first project in industrial, which I feel is a market that's more reliable than the residential market," he said.
Martins' local business affiliate, Solitec LLC, bought 1.83 acres at 7330 Exchange Dr. for $400,000 this past July.
The property is one of a handful of small undeveloped parcels remaining in the Orlando Central Park industrial area, which lies north of W. Sand Lake Road and east of S. John Young Parkway.
Dubbed the Exchange Service Center, Martins is planning a 29,680-square-foot flex industrial building that will be broken down into eight condominium suites for sale.
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.
Civil engineer on the project is Central Florida Engineering Consultants, LLC, out of Maitland.
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.