Orlando-based Structure Development paid $772,650 on Friday for a tight 1.59 acres northeast of Waterford Lakes Town Center, with plans to go vertical on a new CubeSmart self-storage facility and retain water underneath.
Spanning 12701 and 12711 E. Colonial Dr., east of the S.R. 408 intersection, the property lies about a mile east of new multifamily projects announced last year by executives with Park Square Homes and by Chicago-based Core Spaces to serve University of Central Florida students and staff.
"The tremendous growth in that area, both existing residential and a nice blend of multifamily and single-family developments, as well as proximity to a regional mall and interstate were just a perfect dynamic that has all the boxes as a developer you like to check," principal Jay Adams told GrowthSpotter.
Adams projects total investment in the three-story, 94,050-square-foot building to top $9 million, and aims to break ground in the next 30 days. A construction loan of $8.56 million will be sourced from Jurnigan Capital for the project.
Construction should run for eight to 11 months, and will be managed by Harbco General Contractors, a GC relationship built with Adams over more than 20 years.
This will be Structure Development's first self-storage project in the Orlando market, and it is currently looking for more sites in Central Florida and nationwide to build new product or redevelop older properties, Adams said. CubeSmart is his exclusive leasing and management partner.
The seller was an LLC affiliate of Greg Cordner, owner of local billboard advertising business IMPACT Communications. The sale comes near the end of Cordner's raw land holdings, following a new investment focus on income-producing properties.
He previously paid $440,000 for the two parcels in transactions between September 2000 and November 2015, assembling to add value for resale, said Dustin Bowersett, associate with Colliers International in Orlando, who represented the seller.
Because land directly north of the site is primarily wetlands and the Little Econ Creek lies to its east and serves as a drainage point, Cordner's property was too tight to dig a retention pond for new development.
"This water retention was brilliantly engineered to go underneath the new building," Bowersett said. "Bio-Tech Consulting did the environmental work andAvid Group was civil engineer."