Colorado-based Excelsior Capital Partners is pursuing mass grading and infrastructure work for 38.8 acres it owns along Interstate 4 in Orlando's tourism corridor, with sale and subdivision in sight for 2018.
An investor in distressed debt and real estate, Excelsior bought the land in September 2015 for $15 million. The narrow strip lies between Palm Parkway and I-4, north of Daryl Carter Parkway and a future full interchange.
The company had a Master Stormwater and Utilities Plan, a Mass Grading Plan over parcels 1 and 2, and a Development Plan for a three-story, 96,300-square-foot self storage facility on Parcel 1 (2.21 acres) go before Orange's Development Review Committee on Wednesday.
The first portion of the property tabbed for sale and development is 2.21 acres on the northern end, under contract to Winter Park-based developer Titan Properties for a three-story, 96,300-square-foot self storage facility. Titan filed those plans in mid-June, and is likely developing for established partner Extra Space Storage.
Trevor Hall, Jr., executive managing director and land specialist with Colliers International Central Florida, leads marketing of the property for Excelsior. Negotiations are underway with "a few medical groups" for a potential 5-acre segment directly south of the self storage site, he told GrowthSpotter on Tuesday.
Excelsior would then subdivide the remaining land south of there and work with a master developer, or have the Colliers team pursue individual lot sales, Hall said.
Future development stands to gain from a full interchange planned for that Daryl Carter Parkway intersection, which has been approved by the Florida Department of Transportation. Construction of on- and off-ramps is expected to start in 2018.
The FDOT should take about 7 acres of Excelsior Capital's property near the parcel's southern end, likely for an off-ramp to Daryl Carter and Palm parkways.
About 29.6 acres would then remain for private development, considering the loss to FDOT and the Titan Properties segment.
The property features 4,000 feet of frontage along I-4, with an estimated 223,000 Annual Average Daily Trips (AADT).