Lake Mary-based developer Flagship Companies Group is staking its claim to another future self-storage site in Greater Orlando, filing plans and bringing land under contract in the Lee Vista submarket.
The 3.59-acre property lies along S. Goldenrod Road in southeast Orlando, behind a Murphy fuel station and west of the intersection with Market Place Drive.
Flagship has the property under contract for purchase from a trust owner. Plans call for a three-story, 103,142-square-foot self-storage facility on the rear of the property, and an estimated 1,500-square-foot retail outlet on the small portion fronting Goldenrod Road.
To be developed with ExtraSpace Storage as brand and manager, the property will be part of a 10-asset portfolio the group is building in Orlando and Tampa with venture partner Blue Vista Capital.
Market demographics showing current and future population growth made the location attractive for new self-storage, said Phillip Hollis, a consultant with PMJS Development Solutions and partner at Flagship.
The developer noted Smoothie King as an example of the type of desired retail user on its plans, but Hollis said that tenant is not yet signed for the property.
Market Place Drive is also now in design phase for an eastward extension to Narcoossee Road, with an agreement recently approved by Orlando's City Council.
Flagship anticipates having its initial Conditional Use and Master Plan approvals by June. Its affiliate Flagship General Contractors would serve as GC for the self-storage facility.
For the retail segment, Hollis said it remains undetermined if Flagship will develop and lease the pad itself or subdivide and sell it. The company does intend to plat the entirety.
Population growth is propelling Orlando's self-storage market. Orange County added the second most new residents in the state after Hillsborough in 2017, and the Orlando-Kissimmee-Sanford metropolitan area ranked No. 8 in the nation, according to annual U.S. Census data released March 22.