Tavistock Development Company is getting ready to clear about 230 acres of land in eastern Orange County for future commercial and industrial development.
According to a recently submitted Development Plan application, Tavistock is preparing to mass grade land just north of the Beachline Expressway, as part of plans for its 24,000-acre Sunbridge master-planned community. The Orange County portion of the project comprises 5,000 acres.
Tavistock spokeswoman Karlee Kunkle said the developer is preparing the site for future commercial/industrial users.
The land is owned by Suburban Land Reserve Inc., a holding company for the Morman Church. The subject property is broken into three parcels that straddle Sunbridge Parkway (formerly known as Innovation Way), north of State Road 528.
Winter Park-based Donald W. McIntosh Associates Inc. is the civil engineer and surveyor.
Sunbridge has entitlements to allow for 2.9 million square feet of industrial space. The master-planned community is located in the southeast quadrant of Central Florida in both Orange and Osceola County.
Mass grading the property will allow the developer to begin scouting new businesses to the area. No new tenants are confirmed at this time, Kunkle said in an email.
In the past, Tavistock communities have lured in Amazon, which opened its 850,000-square-foot fulfillment center in its Lake Nona community in 2019.
According to the submitted application, the 230 acres will contain the first couple of phases for Tavistock’s industrial holdings in what was formerly known as International Corporate Park, in eastern Orange County
The mass grading permit application follows the extension of Sunbridge Parkway from Aerospace Parkway to the project boundary south of S.R. 528. The new roadway is one of many, Tavistock has planned throughout Sunbridge that are anticipated to create a new mobility corridor between Orange and Osceola County.
Another active developer in the ICP Planned Development is Winter Park-based Whitley Capital LLC, which is helping entitle 16.5 acres at 8695 Transport Dr. for the construction of two large warehouses totaling up to a little more than 260,000 square feet.
Areas near the airport have been experiencing strong demand for new industrial space. The region’s steady population growth, along with a sharp increase in online shopping and push for shorter delivery times, helped propel more e-commerce tenants to enter and expand in the market.
According to a first-quarter report by Lee and Associates, absorption of lease inventory was up 34% over the fourth quarter and vacancy rates dropped to about 5%, the lowest vacancy rate the metro Orlando market has seen since the mid 2000′s.
Just over 1.2 million square feet of industrial square feet was absorbed in the first quarter, according to the report. Asking rental rates are steadily climbing with market product type rent asking about $7.77 per square foot.
Meanwhile, Tavistock is full-steam ahead with plans for its residential neighborhoods within Sunbridge in Osceola County.
The first phase of Sunbridge began last year with the opening of Tavistock’s Del Webb community. Weslyn Park, another community in Sunbridge, is expected to open its sales center in October.
Del Webb and Weslyn Park are the first of six major neighborhoods that make up the nearly 4,600 residential units that are part of the first phase. Other major components are the marina district and an employment center with up to 1.75 million square feet of offices.