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Miami-based developer planning huge new retail center across from The LOOP

Miami-based developer planning huge new retail center across from The LOOP
The Courtelis Company is planning a major home design-focused retail center on 50 acres just south of The LOOP in Kissimmee. Osceola Parkway and The LOOP shopping center are located directly north. (provided)

Miami-based Courtelis Company is planning a new retail center on 50 acres across Osceola Parkway from The LOOP in Kissimmee.

Courtelis has had the property under contract since late June, but has not submitted any plans to the city yet.

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Leasing agents for the company discussed the project with GrowthSpotter Tuesday at the ICSC Florida Conference & Deal Making, and shared a conceptual plan calling for 450,000 square feet of retail.

Marketing assistant Yanina Yefimova said the plan calls for a 42,000-square-foot grocery space. The property is next to a Publix store and a few blocks from the new Fresh Market at The Crosslands.

"We would like to bring something new to the market, maybe a store from up north that isn't in Florida yet," she said.

Rod Castan, president of leasing for Courtelis, told GrowthSpotter the developer is exploring a number of ideas for the property. "We love the Kissimmee area," he said. "We are an experienced real estate development company with a track record of quality mixed use projects throughout Florida , and we're very bullish about the growth and potential of this community."

The conceptual plan Courtelis released during the ICSC conference also shows a 75,000-square-foot flooring store and a couple of junior anchors, as well as several restaurant outparcels, an urgent care center and a gas station and convenience store at the corner of Osceola Parkway and John Young Parkway.

But the most intriguing aspect of the project is a planned home furnishings showroom and distribution center. The site plan includes a 120,000-square foot distribution center with an attached 100,000-square-foot showroom. The showroom is two stories, and includes an additional 30,000 square feet of offices.

Cushman & Wakefield is marketing a 64-acre site within the Flora Ridge MPUD for townhomes and single family residential.
Cushman & Wakefield is marketing a 64-acre site within the Flora Ridge MPUD for townhomes and single family residential. (Cushman & Wakefield)

Belinda Kirkgard, Kissimmee's economic development director, said she met in late 2015 with representatives from City Furniture about building a distribution hub with attached showroom at that location. GrowthSpotter reported in May that the South Florida retailer was eyeing expansion in Central Florida, and announced its first showroom in Altamonte Springs.

"They were looking to do a big Central Florida HUB, and they wanted to make sure the city would be OK with distribution at that location," Kirkgard said. "We told them Kissimmee is open for business."

Officials at City Furniture could be reached late Tuesday afternoon.

The parcel is part of the former Flora Ridge DRI, now a mixed-use PUD that extends south to Carroll Street.

The MUPUD is entitled for 2,229 single family homes, 1,590 multifamily units and 1.4 million square feet of retail space. Other entitlements include 700,000 square feet of office, 400,000 square feet of industrial park space and up to 600 hotel rooms.

David Calcanis, senior land broker for Cushman & Wakefield, represented the seller in the Courtelis deal and is currently marketing the remaining 99 acres south the shopping center. The MPUD divides the property into two parcels, 35 acres earmarked for offices and 64 acres entitled for multifamily residential.

"We just got the listing with the homebuilder, and he wants to unload it," Calcanis said. "It's entitled for 625 multifamily units, but we're going to split that up."

In April, ICI Homes sold a 31-acre parcel in Flora Ridge that was slated for 140 townhomes. ICI is still actively building single family homes in the Avilla neighborhood of Flora Ridge.

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Calcanis said the current plan is to rezone the office parcel for residential, and do a mix of townhomes and single family homes on the 64-acre parcel. Ball Park Road would be extended from its current terminus to Dyer Boulevard and would separate the two parcels.

This story has been updated with comments from Courtelis Leasing Director Rod Castan.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407)420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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