Hanover Capital Partners is following up its acquisition of a commercial and industrial development on Orange Blossom Trail earlier this year with plans for an expansion that could add roughly 230,000 square feet of flex warehouse space to the south Kissimmee submarket.
Hanover paid $8.4 million in February to acquire the 10-acre campus about a half-mile south of the Poinciana SunRail station, which brought the company’s holdings in the area to nearly 150,000 square feet. In late July, Hanover paid another $752,500 to buy the adjacent 28 acres.
Vice President Matt Orosz told GrowthSpotter the company is prepping plans to subdivide the property into an 18-lot industrial park called Trinity Industrial Park at Poinciana Commerce Center.
“It is going to cater to a mix of small and large businesses looking for industrial flex/space and allows outside storage,” Orosz said. “The proximity to the attractions, airport, and rapidly expanding Polk/Osceola counties provide a great resource of affordable labor and easy access to the high growth areas of Central Florida.”
The lots will vary in size from less than an acre to 5-plus acres. Orosz said five lots are already pre-committed, and Hanover has engaged JLL’s Wilson McDowell to market the park. A conceptual plan shows the ability to combine lots to build up a 75,200 square foot, dock-high warehouse. Some lots have buildings smaller than 10,000 square feet, and others could be used strictly for outdoor storage. Hanover is looking to sell individual lots or do build-to-suit rental properties.
No plans have been submitted yet with Osceola County, but Orosz said the company hopes to break ground in February, with the first deliveries scheduled in the third quarter of 2020.
The project is coming together as Hanover’s homebuilding division has landed a national builder to partner on a 502-lot subdivision on Poinciana Boulevard, just northwest of the SunRail station. Hanover is under contract for the 150-acre site and has an approved Preliminary Subdivision Plan for the neighborhood dubbed “Cypress Hammock.” Orosz said Hanover would be partnering with Pulte Group on the first phase.
The community would have a mix of townhomes and detached single family homes on 40- and 50-foot lots. The community would be geared toward a move-up buyer with upgraded exterior elevations. Amenities would include a resort-style pool with splash pad and “relaxation area,” a cabana and network of trails throughout the community and its wooded areas.
Both projects come at time when there is increasing developer interest in property near the SunRail station. American Residential Development and Elevation Development both have sites under contract on Old Tampa Highway for an apartment tower and residential community.
Taylor Morrison also recently filed a major amendment to its Solstice Planned Development that would add density to the 82-acre mixed-use project. Solstice is just north of the station and across the street from Cypress Hammocks.