Tavistock Development Company has pushed forward with plans to subdivide and develop infrastructure for its 196-acre "Infinity Park" property near Orlando's tourism corridor, with roughly half the site forecasted for large-scale industrial buildings.
Located with frontage on S. John Young Parkway, just southeast of Destination Parkway and near an intersection of the Florida Turnpike and Beachline Expressway, the property has sat mostly undeveloped since 2010.
C.T. Hsu, president of Orlando-based architecture, design and urban planning firm C.T. Hsu + Associates, formed an LLC with his wife Jean Hsu and Tavistock in 2007 to buy what was then a 206-acre industrial/commercial property from semiconductor producer Agere Systems, at a cost of $50 million.
Portions were sold off in the years since, and the balance known as Infinity Park now spans 196.28 acres, rich with entitlements and Planned Development zoning that have long been marketed for a range of commercial and industrial uses.
Hsu highlighted here in 2015 the property's size and location as offering a "World Trade Center-level" development potential for high-end hospitality and corporate office users.
Tavistock and Hsu's land owner affiliate filed a Development Plan on Monday with the South Florida Water Management District.
The DP specifies pads on the eastern half of the property (117.75 acres) for a power substation and up to nine industrial buildings that total more than 1.263 million square feet of leasable area, and range in size from 94,500 to 417,900 square feet.
Another 45.91 acres across the western half of the property fronting John Young Parkway are earmarked for general commercial use, with five future subdivided parcels ranging from 5.2 acres to 14.76 acres, and non-descript outlines of prospective office or hotel buildings.
Officials with Tavistock did not respond to requests for comment on the company's timeline for development of the Infinity Park property. A company spokeswoman told GrowthSpotter the DP filed with SFWMD may be revised.
In late June, Tavistock made a separate filing with Orange County to modify the previously approved Preliminary Subdivision Plan for Infinity Park, changing the sizes of lots and ponds and shifting the future path of Consulate Drive within the property.
The developer's Land Use Table for the project indicates that of the 196.28 acres, 53.72 will remain open, 24.4 would be dedicated to water retention, and 118.16 be developed for commercial and industrial building pads and related parking.
Tavistock sold a 21-acre corner of Infinity Park for $36.55 million last December to Orange Lake Resorts, which it bought for an existing office building and adjacent land planned for a new corporate campus.
From an industrial market demand standpoint, the Infinity Park property falls within the "Orlando Central Park" submarket for Cushman & Wakefield, the third largest of 14 regional submarkets it analyzes quarterly.
That submarket had the seventh lowest overall vacancy rate (3.3 percent) for industrial through this year's second quarter, the 10th highest direct weighted average rental rate ($6.30/psf), and the highest overall net absorption in the past quarter.
For the office market, this property falls within the "Tourist Corridor" submarket among C&W's 12 regional submarkets it analyzes. Of those, the submarket is the second largest in terms of total square footage inventory, tied for first place with the lowest overall vacancy rate in the second quarter (6.9 percent), and featured the second highest average asking rent for Class A product ($29.29).