UPDATED: AUGUST 10, 2016 12:04 PM — Principals with Orlando-based commercial real estate firm Cite Partners have 45.63 acres under contract on the western edge of Ocoee, with plans to develop a 650,000-square-foot light industrial park bordering the 429 Western Beltway.
Located on the northeast corner of E. Crown Point Road and Palm Drive, the site lies just north of the S.R. 429 intersection with E. Plant Street.
The development, named The Park at 429, could support a variety of uses in its light industrial and flex-office space.
The request includes annexing a portion of the property from unincorporated Orange County, and rezoning the entire site to Planned Unit Development, with a future land use of Light Industrial (changed from R-1 and A-1 today).
The request passed Ocoee's Planning & Zoning Commission on Tuesday. The request would have to go through two readings with the City Commission for adoption, likely by Sept. 20. A civil engineered Development Plan would be submitted next.
Plans forecast 653,300 square feet across five industrial buildings, and 735 surface parking spaces. The buildings range from 52,800 square feet to 270,000 square feet in size.
The developer is TSG Development Inc., founded by Cite principal Matthew E. Sullivan in 2000, with fellow Cite principal Wilson McDowell now listed as vice president.
Sullivan said Wednesday the project's DP could pass through city approvals in 90 to 120 days.
The entity has the 45.63 acres under contract, consisting of sellers the American Society of Womens Health, an affiliate of Dr. Steven D. McCarus (8.15 acres); the Thomas Milton West Trust (23.38 acres); and BKI Crown Point Road Associates, an affiliate of Avalon Park Group (14.1 acres).
Sullivan declined to confirm if TSG Development Inc. is just a contract purchaser of the land, or will develop and own it long-term. All options are being evaluated, he said.
Cite Partners published a report Aug. 1 on the Central Florida industrial market for Q2 2016, highlighting that total vacancy fell for a fourth straight quarter to 7.0 percent, and that Northwest Orange County is at a historic low vacancy of 4.4 percent.
The region's industrial market currently has nine buildings under construction totaling 1.65 million square feet, with seven of those offering less than 135,000 square feet, and half the total space now being built already pre-leased, per the report.