Orlando real estate broker and investor Mohommed Diab plans to demolish a long-vacant restaurant on the W192 tourist corridor and build a new retail strip anchored by a 10,000-square-foot Dollar Tree store.
Diab's Cane Island Realty LLC paid $3.3 million in May for the vacant, 26-year-old Cane Island Shopping Center, which included the empty restaurant and a third vacant lot. The 6.7 acres at 5250 W. Irlo Bronson Memorial Highway is just east of the $1.7 billion Magic Place-branded community, which should break ground before the end of the year.
Diab and his civil engineer, Mitch Collins, have filed plans with the South Florida Water Management District and with Osceola County to demolish the two-story, 8,000-square-foot restaurant and build the new Dollar Tree with another 5,000 square feet of retail connected.
The building lies within the W192 CRA district, which means it would qualify for a grant to pay half of the demolition costs, for a maximum of $75,000.
Collins told GrowthSpotter that Diab has met with several potential tenants for the 29,000-square-foot shopping center next door.
"Eventually the west side will be redeveloped, but so far we've only filed plans for the Dollar Tree," he said.
The Cane Island site is in an area of the W192 corridor that has seen significant investment in recent years. It's two doors down from the Magic Moment hotel and directly across from the GreenPoint Kissimmee, which is undergoing a multi-million dollar renovation and is slated to open in November.
Diab also owns a 5,500-square-foot retail strip center at 4467 W. Vine Street in Kissimmee with a Dunkin Donuts and several other tenants.