Orlando-based developer Intram Investmentshas mass-grading plans in for Osceola County review and is pursuing LOIs with potential users for Sunrise City, a 34-acre shopping center that's part of a mixed-use plan for 238 acres in Kissimmee, the company's executive vice president confirmed for GrowthSpotter.
The property, at one time slated for the future Osceola County Convention Center, is located on the northeast corner of the intersection at W. Osceola Parkway and SR 535 (Vineland Road). Intram bought it on June 1 for $22 million.
Sunrise City shopping center will cover 34.46 acres and lies directly south of Lake Buena Vista Factory Stores. Poinciana Boulevard will have an extension built around the eastern border of the new development.
Its Phase I will total 144,000 square feet, with space planned for an anchor grocery store (46,000 square feet), liquor store (1,400 SF), two anchor retailers (24,500 SF each), and four retail spaces that range from 10,000 to 15,000 square feet. The shopping center's Phase II will include 28,800 square feet of future retail, with seven outparcels covering 8.38 acres.
"We haven't signed any leases yet, and are still working through LOIs with some interested users," said Randy Hodge. "This area has great access with 535, the parkway, Poinciana and more (roads) combining right there. It provides a great mix of residential, tourists and theme park employees all drawn there to a Walmart (directly across SR 535), and the outlet mall."
The remainder of Intram's 238-acre parcel, to the south and east of Sunrise City, will feature residential components, like multiple apartment developments totaling 1,000 units, and a vacation rental home development, Hodge said. The property is zoned Tourist Commercial, which allows for all of Intram's desired uses.
The company has submitted mass-grading plans for county review. Permits from Osceola for mass-grading and wetlands fill permits from the water management district should be acquired before year's end, Hodge said.
Intram would then pursue hiring a contractor for dirt work on the site in 2016, and install underground utilities.
The company will likely develop Phase I of the shopping center and an initial 350-unit apartment project together to start in 2016, Hodge added. Intram has not sold any land parcels yet to multi-family developers, and could end up partnering on those developments with apartment builders or management groups.