Turkish residential developer to float SE Orange land along S.R. 528 for industrial

The local affiliate of a Turkish residential development group is exploring industrial entitlements for property in east Orange County it has sat on since mid-2015, potentially in advance of floating the land for sale. 

Located at 7707 Amsterdam Drive, the 16.65-acre property lies in east Orange County directly south of a Beachline Expressway (S.R. 528) interchange, east of International Corporate Park Boulevard and north of Aerospace Parkway.  

Neo Florida Homes filed a conceptual site plan on Wednesday with Orange County in advance of a pre-app meeting, where they want to confirm maximum square footage allowed on the property for both office-showroom and industrial uses, based on floor area ratio. 

The concept plan currently forecasts 220,000 square feet of industrial, warehouse or manufacturing use across one story, with 221 surface parking spaces. 

An affiliate of Neo Florida paid $3.25 million for the land in 2015, but has not pursued any rezoning or development plan filings in the three years since. 

The property is zoned now for industrial use, which is outside Neo Florida's wheelhouse. The company was established in 2015 to develop residential projects, and serve as a one-stop shop primarily for foreign buyers to provide everything from mortgages to closing, interior design and furnishing of their new homes. 

No industrial developer or tenant is under contract and the concept plan is meant to help Neo Florida explore buyer interest for the land, Sukru Alemdar, manager with Neo Florida Homes, told GrowthSpotter on Wednesday. 

The company is affiliate of Istanbul-based Neo Yapi, a developer that claims to have designed and built multiple luxury residential projects in Turkey.

Neo Florida Homes has been marketing the development of its Neo Golden Palms vacation home project off Kissimmee's W192, where it also manages the rentals for homeowners. 

Industrial demand in southeast Orange County is among the strongest submarkets in Greater Orlando.

Among six submarkets measured by CBRE in its Q2 2018 Orlando Industrial Market Report, southeast Orange led in total inventory (40.676 million SF), ranked second in total vacancy (6.8 percent) due in part to large blocks of spec space that came online late in the quarter, but has also led all markets in year-to-date net absorption (769,218 SF) and ranks second in average asking lease rate ($6.30).

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