A Tampa-based charter bus company with operations in Orlando paid $1.5 million on Tuesday to more than double its footprint locally, setting the stage for development plans on the property next year, the company's co-owner told GrowthSpotter.
Located at 419 W. Landstreet Road, the 4.86-acre parcel is roughly 90 percent vacant, with a small portion of the property occupied by an auto parts storage facility and small office.
Escot Bus Lines' operation in Orlando is currently based right across the street, on a 2.35-acre parcel owned by an affiliate. The company's growing operation had maxed out that space, prompting co-owner Brian L. Scott to seek out expansion properties earlier this year.
"This became a perfect opportunity literally across the street," Scott said. "As far as (bus) parking, this will alleviate that problem right away. In the future we can develop it at our leisure."
Escot has a fleet of 85 buses in total between its Tampa and Orlando locations, with 140 employees overall. The company provides contract transportation to schools, tour operators, resorts and the city of Orlando.
Future development of the new parcel, more than twice the size of Escot's current location, would include an office building, bus maintenance facility, fueling island and washing facility.
The company will likely hire some combination of civil engineer, planner and architect in the coming year to begin planning the site's redevelopment, Scott said.
"We're definitely going to do something there (on the new parcel)," he said. "We'll get our plans together for it in 2016, I don't know if we'll break ground that year but we'll get the process started."