Local CRE investors bring South I-Drive land under contract for self storage

Bob Moser
GrowthSpotter

Local real estate investors Peter and Dominic Garrambone have land off of S. International Drive under contract, with newly-filed plans for self storage that is trying to pace housing growth in the tourism corridor. 

Located off the southeast corner of S. International Drive and Wildwood Avenue, the 4.16-acre site stands to gain from a future extension of Daryl Carter Parkway to the north, an eventual Interstate 4 interchange, and development of the 69-acre Vineland Pointe retail center where Phase 1 mass grading is now underway.

Peter Garrambone filed a Development Plan on Monday proposing a three-story, 94,500-square-foot self storage facility on the upper third of the parcel. A stormwater retention pond would be located adjacent, leaving about one third of the 4.16 acres for other future commercial development. 

Affiliate Orlando Self Storage LLC has the parcel under contract and is in a due diligence period now. No self storage management brand is indicated on the plans, and Garrambone did not respond to requests for comment on Monday.

The land is owned by I Drive Associates, LLC, an affiliate of New Jersey-based lender Kennedy Funding Financial, which took control of the property in 2008 via court order from a former owner that defaulted with more than $3.2 million in debt. 

The current owner also filed requests on Monday to amend the VOA-Nerbonne Planned Development zoning's conversion matrix to allow self storage use, and to modify the Land Use plan for the same end. 

The property has been marketed for the past year on behalf of Kennedy Funding by Margery Johnson, senior director of land brokerage with Cushman & Wakefield. 

Directly north is a separately owned 3.71-acre site on the hard corner of Wildwood and International Drive, still for sale and also being marketed by Johnson. Its PD zoning would allow for a variety of retail, hotel or other commercial uses. 

A self storage facility at this location will face new competition in the immediate area, as three such projects had plans brought forth in 2017 that are less than four miles away along Palm Parkway/Turkey Lake Road.

New housing anticipated in the immediate area includes a 567-unit multifamily project to the north on Darly Carter Parkway, developer Northwood Ravin's 309-unit Solstice Apartments on Lake Street nearing its construction finish, and on part of 248 acres being marketed for future mixed-use development southeast of the I-Drive and Westwood Boulevard intersection.

Kimley-Horn is civil engineer and landscape architect on the Wildwood Avenue plans.

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

Copyright © 2018, GrowthSpotter
64°